The preliminary survey of Australia July retail sales has been released as follows:
- Australia preliminary Retail Sales +3.3% in July from June.
- Australian Bureau of Statistics (ABS) says preliminary Retail Sales rose 12.2% from July 2019
- ABS says retail turnover rose in all states and territories except Victoria in July.
The Aussie has wobbled on the Primary Retail Sales but still holds on to the 0.72 level.
This data is key to the Reserve Bank of Australia as they assess for signs that the economy is improving with signs that consumers are back out there spending which is essential to the velocity of money, jobs creation and ultimately, economic stability.
''Bear in mind that this series is overweight supermarket sales and underweight services such as hospitality and entertainment,'' analysts at Westpac explained.
However, a state that is responsible for just under a quarter of the nation's Gross Domestic Product, Victoria, where the coronavirus second wave was rife during this period will have been reflected in this data.
On the positive side, there are now signs that cases have started to trend down at the start of August.
Description of Retail Sales
The Retail Sales is released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it''s considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish.
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