Two of Australia’s most important economic data releases – retail sales and international trade – will be released later on this morning.
Here’s the state of play.
- In May retail sales disappointed, rising 0.3% against expectations for an increase of 0.5%.
- Despite the monthly miss sales increased 4.7% from a year earlier, accelerating from the 4.1% rate seen in April.
- Over the past year the largest percentage increase came from household goods retailing (9.5%) along with clothing, footwear and personal accessory retailing (8.9%). Food retailing, the largest component in dollar terms, increased by 4.0%.
- Of the states and territories the ACT recorded the largest annual percentage increase – 7.1% – while the Northern Territory – at -1.5% – was the only region to record a decline. The most populous states – NSW and Victoria – saw sales increase by 6.1% and 5% respectively.
- In June sales are expected to have grown 0.4% from May according to a survey conducted by Bloomberg.
- After adjustments for price movements quarterly turnover is also tipped to rise by 0.4%. This figure makes up around 30% of household consumption in quarterly GDP.
- At the same time the ABS will also release international trade figures for June.
- A deficit of $3 billion is expected, larger than the $2.751 billion figure seen in May.
- If in line with market expectations it will be the fifth-largest monthly trade deficit on record.
Both reports will be released at 11.30am AEST. Business Insider will have full coverage, and will most likely be very busy, as soon as the data drops.