Australia February retail sales blow past expectations

The consumption as represented by the retail sales rose 0.6 percent month-on-month (seasonally adjusted) in February, the data released by the Australia Bureau of Statistics (ABS) showed. The actual print beat the estimated figure of 0.3 percent by a big margin. 

Key Points

Current Prices 

• The trend estimate rose 0.4% in February 2018. This follows a rise of 0.3% in January 2018 and a rise of 0.3% in December 2017.
• The seasonally adjusted estimate rose 0.6% in February 2018. This follows a rise of 0.2% in January 2018 and a fall of 0.5% in December 2017.
• In trend terms, Australian turnover rose 2.7% in February 2018 compared with February 2017.
• The following industries rose in trend terms in February 2018: Food retailing (0.3%), Household goods retailing (0.6%), Other retailing (0.4%), Cafes, restaurants and takeaway food services (0.4%), and Clothing, footwear and personal accessory retailing (0.4%). Department stores (-0.2%) fell in trend terms in February 2018.
• The following states and territories rose in trend terms in February 2018: Victoria (0.6%), New South Wales (0.3%), Queensland (0.3%), South Australia (0.3%), Western Australia (0.1%), Tasmania (0.2%), the Australian Capital Territory (0.1%), and the Northern Territory (0.2%).