This morning the ABS will release its retail sales report for November, something that will be scrutinised closely given recent strengthening in consumer confidence.
Here’s the state of play.
- Retail rose 0.5% to $24.66 billion in October, meeting expectations. It was the highest monthly figure on record.
- The increase left the annual pace of sales at 3.9*%, up 0.2% on September.
- Over the past year, household goods recorded the fastest increase in sales at 6.1%. Rounding off the top three, department store sales rose 5.2% while those for clothing, footwear and personal accessories increased 4.7%.
- “Other” retailing recorded the slowest annual growth at 2.8% while food retailing, the largest component of all retail spending, increased by a benign 3.2%.
- On an annualised basis, Victoria and Tasmania recorded the largest increase in sales at 5.4% while New South Wales, the most populous state, saw sales increase 4.4%.
- Unsurprisingly, the mining states and territories recorded the lowest annual increase in sales, ranging from between 1.6% to 2.7% respectively.
- Economists expect sales to moderate slightly in November, predicting an increase of 0.4%.
- The separate NAB Australia online retail sales index increased by 0.7% in November, suggesting that there may be upside risks attached to the 0.4% increase expected today.
The ABS report will be released at 11.30am AEDT. Business Insider will have full coverage as soon as the data drops.