Retail Sales (MoM) (Australa)
Developed by the Australian Bureau of Statistics, Retail Sales is a measure of the value of goods sold by retailers. It is based on a select basket of goods and adjusted for inflation. Retail Sales is released on a monthly basis, with comparisons drawn over previous data and industry projections.Retail Sales is a primary metric of consumer confidence and is typically viewed as being a driver of Australia’s economic performance. Household consumption is a key component of the Australian economy, accounting for nearly 60% of aggregate GDP.Retail Sales provides insight into spending patterns, as well as trends in consumer behavior. High readings are viewed as being positive or bullish for the Australian dollar (AUD), while lagging reports stimulate negative market sentiment. Its release can act as a catalyst for short-term volatility facing the AUD or the basis for long-term investing practices.