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Retail Sales Miss Forecasts, Department Stores Flat

The ABS claims retail turnover jumped 0.2% in September, missing economist forecasts for a 0.3% lift. The results saw a minor spike in the Aussie dollar, before settling flat at 72 US cents.

For the month of September, local retail sales notched $26.893 billion [seasonally adjusted], following a 0.3% jump in August, and flat results in July.

[ABS]

In trend terms, retail turnover jumped 3.5% in September, versus the same time last year.

Food retailing lead the charge (0.4% seasonally adjusted), whilst cafe and restaurant spending spiked (0.5% seasonally adjusted).

Household goods retailing remained relatively flat [seasonally adjusted].

[ABS – Household Goods Retailing]

The seasonally adjusted estimate for electrical and electronic goods retailing climbed 0.4%, whilst furniture, floor coverings, houseware and textile goods retailing remained unchanged.

Hardware, building and garden supplies retailing slumped 0.5% [seasonally adjusted].

For the month of September, department store sales remained unchanged [seasonally adjusted].

[ABS – Department Store Retailing]

The data comes amidst falling house prices, record household debt and weak wage growth.

The Reserve Bank is schedule to hold a policy meeting on Tuesday, with the official cash rate tipped to remain at 1.5%.

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