Having seen GDP, building approvals, private sector credit and manufacturing PMI released earlier in the week, Australia’s data deluge continues this morning with the release of October retail sales.
Here’s the state of play.
- In September, retail sales rose 0.4% to $24.5 billion, the highest level on record.
- Despite the increase, the annual rate of growth fell to 3.65%, the slowest increase seen since January this year.
- By state and territory, Victoria recorded the fastest annual pace of growth at 4.8%. New South Wales, South Australia and Tasmania rounded off the top four with gains of 4.1%, 3.6% and 3.2% respectively.
- By category, household goods retailing recorded the fastest annual growth at 5.8%, narrowly shading clothing, footwear and personal accessory retailing which increased 5.7%. Department store sales recorded the weakest growth at 1.3%.
- In October, markets expect sales to grow 0.5%, leaving the annual increase slightly higher at 3.7% if realised.
- Suggesting that risks may lie to the downside, the NAB online retail sales index, a separate gauge measuring Australian online retail sales, fell 0.6% in October in seasonally adjusted terms.
The report will be released at 11.30am AEDT. Business Insider will have full coverage as soon as the data drops.