Australia November retail sales blow past expectations

Omkar Godbole FXStreet Contributor

The Australian Bureau of Statistics (ABS) data released today showed consumption as represented by the retail sales rose 1.2 percent month-on-month in September, beating the forecast of 0.4 percent growth by a big margin.

November key points

CURRENT PRICES

The trend estimate rose 0.1% in November 2017. This follows a rise of 0.1% in October 2017 and a relatively unchanged estimate (0.0%) in September 2017.
The seasonally adjusted estimate rose 1.2% in November 2017. This follows a rise of 0.5% in October 2017 and a rise of 0.2% in September 2017.
In trend terms, Australian turnover rose 1.7% in November 2017 compared with November 2016.
The following industries rose in trend terms in November 2017: Food retailing (0.2%), Cafes, restaurants and takeaway food services (0.4%), Department stores (0.4%), and Clothing, footwear and personal accessory retailing (0.2.%). Household goods retailing (-0.3%) and Other retailing (-0.2%) fell in trend terms in November 2017.
The following states and territories rose in trend terms in November 2017: Victoria (0.3%), South Australia (0.4%), and Tasmania (0.2%). New South Wales (0.0%), Queensland (0.0%), and the Australian Capital Territory (0.0%) were relatively unchanged. Western Australia (-0.2%), and the Northern Territory (-0.2%) fell in trend terms in November 2017.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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