RETAIL SALES UP 0.4% OCTOBER

Official retail sales numbers came in healthier than expected at 0.4% for October, according to Australian Bureau of statistics data.

Market expectations were for sales to be flat, around a rise of 0.1% for October.

The Australian dollar jumped almost 0.3 of one cent to US $0.8426 on the news.

Felicity Emmett, Senior Economist at the ANZ Ban, says that in combination with last month’s numbers, it looks as if retail sales momentum has picked up.

The ABS says Australian retail turnover rose 0.4 per cent in October, seasonally adjusted, following a rise of 1.3% in September.

Through the year, Australian retail turnover rose 5.7% in October 2014, seasonally adjusted, compared to October 2013.

Household goods retailing rose 1.4% or $56.9 million in turnover.

Other industries with rises included food retailing (0.5 %), department stores (2.0%), clothing, footwear and personal accessory retailing (1.1%) and other retailing (0.2%).

Total online retail trade, in original terms, rose 9.5% in October 2014 following a rise of 8.7% in September 2014,

The states which displayed rises were New South Wales (0.7%), Queensland (0.4%), South Australia (1.2%), Western Australia (0.1%) and the Australian Capital Territory (0.4%). Victoria was unchanged (0.0%).

This was partially offset by a falls in Tasmania (-1.0%) and the Northern Territory (-0.4%).

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