The ABS will release retail sales figures for May later on this morning.
Here’s the state of play.
- In April retail sales came in flat, below expectations for an increase of 0.3%. It was the first time in 11 months that an increase had not been recorded.
- The result left the annual pace of sales at 4.1%, the lowest level seen since January 2015.
- In the year to April, sales of household goods recorded the strongest level of growth, 8.5%, while “other retailing” were the weakest at 0.7%.
- The ACT and South Australia recorded the strongest annual rate of growth in April at over 5.5%. The Northern Territory was the only state or territory to record a decline at 0.7%.
- In May economists are expecting retail sales to snap-back with some venom with the median market forecast looking for an increase of 0.5%.
The ABS report will be released at 11.30am AEST. Business Insider will have full coverage once the data drops.