Australia November retail sales blow past expectations

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.