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Australian retail sales increase more than expected in June
The Australian Bureau of Statistics (ABS) reported that Australia's retail sales rose 0.3 percent m-o-m in June, following an unrevised 0.6 percent m-o-m growth in May. That was the weakest monthly increase since March. Economists had forecast retail sales would gain 0.2 percent m-o-m in June.
According to the ABS, retail turnover increased in such groups as household goods retailing (+0.9 percent m-o-m), cafes, restaurants and takeaway food services (+0.5 percent m-o-m), clothing footwear and personal accessory retailing (+0.8 percent m-o-m) and other retailing (+0.2 percent m-o-m). At the same time, department stores (-0.3 percent m-o-m) recorded fall in retail sales, while food retailing (0 percent m-o-m) was unchanged.
For the second quarter of 2017, retail sales surged 1.5 percent q-o-q.
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