Author Topic: AUSTRALIAN RETAIL SALES TANK  (Read 9958 times)

Offline Nym Net

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« on: November 23, 2017, 03:05:00 PM »

David Scutt
Oct 5, 2017, 11:30 AM

Australian retail sales tumbled in August, continuing a worrying downturn seen in recent months.

According to the Australian Bureau of Statistics (ABS), nominal spending fell by 0.6% in seasonally adjusted terms, missing forecasts for an increase of 0.3%.

The decline was larger than even the most pessimistic forecast offered by an individual economist, and was the steepest monthly decline since March 2013.

Excluding food, providing a better guide to spending on discretionary items, sales fell by a smaller 0.5%, leaving the increase on a year earlier at 2%.

Sales for July, originally reported as flat by the ABS, were also revised down to show a decline of 0.2%.

As a result of the ugly August report and downward revision to July’s figure, the year-on-year pace of sales slowed to 2.13%, the slowest increase since July 2013.

More + graphs: ][url][/url]

Amazon Australia has just launched. Let the scapegoating begin. Children's T-shirts at major clothing / homewares discount retailer Best & Less are as low as $2.75 - unheard of in my time, when I was parenting children.

Best & Less: