Retail Sales Pick Up While International Trade Performance Is Slashed
The Australian Bureau of Statistics has had a big rethink about things and it is good news for the retailers and less positive news in the trade-exposed sector.
Retail sales in May grew by a stronger-than-expected 0.4 per cent over the month on top on an upwardly revised 0.5 per cent growth in April.
Department stores led the way with a 3.9 per cent growth in sales after a concerted campaign of discounting.
Following that theme clothing, footwear and personal accessories (+2.2 per cent) also had a better month.
Food and household goods both showed a marginal pick-up, while sales in cafes, restaurants and takeaways fell (-1 per cent).
Western Australia was the only state where sales fell, while South Australians (+1.1 per cent) and Tasmanians (+1.5 per cent) hit the shops.
Trade surplus survives big downward revision
While ABS ratcheted up their retail numbers, it took the knife to previously published trade data.
The May trade balance came in at a lower-than-expected $827 million surplus — the market had expected $1.3 billion.
However, that was a 75 per cent increase on April, where the $1 billion surplus was suddenly wound back to $427 million.
March’s blockbuster $1.7 billion surplus has become $1.1 billion on closer examination.
courtesy : Abcnews
photo : InforexNews
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