January Retail Sales Disappoint
Australian retail sales have again missed forecasts, with ABS numbers reflecting a modest 0.1% lift [seasonally adjusted] in January, versus 0.3% expected – sending the AUD down to 70.27 US cents.
It follows a 0.4% drop in December and 0.5% hike in November, amid sluggish consumer spending and declining house prices.Total retail sales jumped 2.3% year-on-year – among its weakest levels since May last year.
Non-food sales climbed just 1.7%, with annual non-food sales amongst their lowest levels since late 2017.
For the month of January, department store sales slumped 2.1%, down from a 1.3% dip in December.Household goods retailing has remained flat, with electrical and electronic goods retailing slipping 0.1%.
On a state by state basis, NSW saw retail sales climb 0.7%, whilst QLD dipped 0.7%.
The Reserve Bank claims weak income growth has continued to affect consumer discretionary spending.