Australia: Retail sales return to growth in May
Latest reading: Retail sales increased 0.2% month on month in seasonally adjusted terms in May after stagnating in April, though falling short of market expectations. The reading largely reflected a recovery in department stores. Less positively, sales growth for household goods plus cafes, restaurants and takeaway food services screeched to a halt, and food retailing swung into contraction.
On an annual basis, retail sales growth inched up to 4.1% in May from 4.0% in April. As a result, the trend improved, with the annual average growth of retail sales coming in at 3.1% in May, up from April’s 3.0%.