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- Australia’s retail sales unexpectedly fall in July
Australia’s retail sales unexpectedly fall in July
The Australian
Bureau of Statistics (ABS) reported on Tuesday that Australia’s retail sales edged
down 0.1 percent m-o-m in July, following an unrevised 0.4 percent m-o-m advance
in June. That was the first monthly drop in retail sales since April.
Economists had
forecast retail sales would increase 0.2 percent m-o-m in July.
According to
the ABS, there were declines in four of the six industries, with cafes,
restaurants and takeaway services (-0.6 percent m-o-m) leading the falls. There
were also decreases in Clothing, footwear and personal accessory retailing
(-1.0 percent m-o-m), Other retailing (-0.4 percent m-o-m) and Department
stores (-0.2 percent m-o-m). Meanwhile, Food retailing (+0.3 percent m-o-m) and
Household goods retailing (+0.1 percent m-o-m) posted gains in July.
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