Australia: Retail sales post a near-flat reading in September
Latest reading: Retail sales nearly flatlined in September, rising 0.1% month on month in seasonally adjusted terms (August: +0.7% s.a. mom). Looking at the details of the release, September’s deterioration was broad-based, with the household goods, food retailing, and department store sub-sectors all swinging into contraction. Moreover, cafes, restaurants and takeaway food services lost steam.
On an annual basis, retail sales growth slowed to 0.9% in September (August: +4.0 yoy). Accordingly, annual average retail sales growth ticked down to 2.0% in September (August: +2.1%). This signals a worsening trend in the retail trade sector.