Australia: Retail sales expands at fastest pace in seven months in August
Latest reading: Retail sales increased 0.7% month-on-month in seasonally adjusted terms in August (July: +0.1% mom). The result marked the best reading since January. Looking at the details of the release, August’s pickup was broad-based, with the household goods, restaurants and takeaway food services, and department store sub-sectors all rebounding. Moreover, the food retailing and cafes gained steam.
Accordingly, annual average retail sales growth rose to 2.1% in August (July: +1.9%). This signals an improving trend in the retail trade sector.