Retail Sales (MoM) (Australa)
Event Date: Monday, August 29, 2022
Event Time: 01:30 CET
Updated Sunday, August 28, 2022
Retail sales were growing steadily in Australia in the last several months. They were growing by 0.2%-0.3% in the period from August to October and in November, the pace grew to 0.4%. Although, in December sales were expected to come at 0.0% which means that retail sales didn't grow that month, but they declined by 0.4% instead. This is the first decline since December 2017, so perhaps it's a cyclical thing. Maybe Aussies don't celebrate Christmas and New Year, or they fly somewhere cold to have a snowy holiday period. But, in January sales turned positive again, increasing by 0.1%. In February we saw another positive number as retail sales increased by 0.8%, while in March they beat expectations of 0.2% and increased by 0.3%. But in April, retail sales turned negative again declining by 0.1% and in May they only increased by 0.1%, which is pretty weak. In June we saw a 0.4% increase but in July sales declined by 4.2% and in August by 1.1%. They have turned negative again in the last few readings and showed a 2.7% decline in July. Since then sales have improved, coming at 4.9% in October while April is expected at 0.8%. Please follow us for live coverage of this event by experienced market analysts.
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About 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.