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- Australia’s retail sales decline in line with expectations in July
Australia’s retail sales decline in line with expectations in July
The
Australian Bureau of Statistics (ABS) reported Friday that Australia’s retail
sales fell 2.7 percent m-o-m in July, following an unrevised 1.8 percent m-o-m drop
in June. That was the largest monthly drop since December 2020.
Economists
had forecast retail sales would decline 2.7 percent m-o-m in July.
According
to the ABS, the biggest declines in retail turnover were registered in the industries,
which were highly impacted by physical store closures, including cafes,
restaurants and takeaway food services (-12.3 percent m-o-m), clothing,
footwear and personal accessory retailing (-15.4 percent m-o-m), and department
stores (-11. percent m-o-m). At the same time, food retailing (+2.3 percent
m-o-m) recorded the largest advance as coronavirus restrictions kept households
at home, limiting their mobility. Other retailing (+0.6 percent m-o-m) also
rose, in part due to additional online sales.
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