August Retail Sales Up 0.3%, Beat Forecasts
Latest numbers from the ABS reveal retail turnover jumped 0.3% [seasonally adjusted] in August, beating economists’ forecasts for a 0.2% lift, following a flat July.
The news has boost the Australian dollar from 0.7069 US cents to 0.7079 US cents, after a 30-month low of 0.7066.For the month of August, retail sales grew the largest in SA (up 0.8% seasonally adjusted), followed by a 0.6% lift in TAS, and 0.5% uptick in NSW.
By contrast, retail sales dove 1.3% [seasonally adjusted] in NT, with results unchanged in West Australia.
‘Household goods retailing’ climbed 0.2% [seasonally adjusted], with ‘electrical and electronic goods’ slumping 0.5% during the month.
Retail turnover was boost by department store growth – up 0.9% seasonally adjusted.The news comes as household debt continues to notch record highs, coupled with slow income growth, and a rundown in household savings.
As previously reported, some commentators claim Australia’s housing market decline has also impaired retail turnover.