Australia: Retail sales post meagre growth in November
January 10, 2011
In November, retail sales rose 1.4% in nominal terms over the same month the year before, according to the Australian Bureau of Statistics (ABS). The result was slightly above the 1.2% increase recorded in the previous month, which had marked the smallest increase in retail sales since June 2010. On a month-on-month basis, retail sales recovered from the seasonally adjusted 0.8% drop recorded in October, which had marked the first drop since March 2010, rising a seasonally adjusted 0.3%. Owing to the moderate November increase, annual average variation in retail sales dropped from 3.2% in October to 2.8%, continuing the virtually uninterrupted downward trend in place since March 2010 and marking the slowest pace since February 2006.
Author: Armando Ciccarelli, Head of Data Solutions