Australia retail sales drop to 0.0% in July, below estimates
|Australia's consumption, as represented by retail sales, dropped in the month of July, missing estimates, the Australian Bureau of Statistics (ABS) reported on Monday. The retail sales arrived at 0.0 percent month-on-month, compared to the forecast of 0.3 percent and down from previous month's reading of 0.4 percent.
July Key Points (via ABS)
Current Prices
The trend estimate rose 0.3% in July 2018. This follows a rise of 0.3% in June 2018 and a rise of 0.3% in May 2018.
The seasonally adjusted estimate was relatively unchanged (0.0%) in July 2018. This follows a rise of 0.4% in June 2018 and a rise of 0.4% in May 2018.
In trend terms, Australian turnover rose 3.2% in July 2018 compared with July 2017.
The following industries rose in trend terms in July 2018: Food retailing (0.4%), Other retailing (0.4%), Clothing, footwear and personal accessory retailing (0.5%), Cafes, restaurants and takeaway food services (0.3%), and Department stores (0.1%). Household goods retailing was relatively unchanged (0.0%).
The following states and territories rose in trend terms in July 2018: New South Wales (0.4%), Victoria (0.4%), Queensland (0.1%), Tasmania (0.6%), South Australia (0.2%), the Australian Capital Territory (0.5%), and the Northern Territory (0.2%). Western Australia was relatively unchanged (0.0%).
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