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Oz Retail Sales Down In Feb

According to the latest data out of the Australia Bureau of Statistics, Australia’s retail sector slipped 0.1% (in seasonally adjusted terms) during February 2017.

It’s a sharp drop from the 0.3% growth expected by market analysts, breaking expectations that the 0.4% growth of January would solidify into a trend for the sector.

Breaking the results down, clothing, footwear and personal accessory retail sales fell 2.5%.

Household goods were also down 0.4% while the retail world found some solace in food and department store categories, which grew 0.3 and 0.8% respectively.

In other good news, consumer electronics retailers like JB Hi-Fi and Harvey Norman also received a healthy bump of 0.5%. Meanwhile, sales in the hardware, building and gardening retail sector did similarly well with 0.3% growth.

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