Australia’s retail sales report for October will be released on Friday morning. After solid gains of 0.5% and 0.6% in August and September, it will be interesting to see whether that form continues today, particularly in light of some less than stellar Australian economic data arriving in recent weeks.
Here’s the state of play.
- In October, sales jumped by 0.6% to $25.3141 million, the largest percentage increase seen since June 2015.
- It saw sales lift 3.3% from a year earlier, the fastest pace seen since May.
- Sales of household goods (2.3%), cafes, restaurants and takeaway food services (1.0%), food (0.2%) and department stores (0.5%) more than offset declines in clothing, footwear and personal accessories (-0.6%) and other retailing (-0.1%).
- All states and territories saw sales lift increase over the month, led by gains of 0.8% ans 0.6% in New South Wales and Victoria.
- For October, economists expect sales to lift by a further 0.3%. Of 22 economists surveyed by Bloomberg, forecasts range from an increase of 0.1% to as high as 0.6%.
The report will arrive at 11.30am AEDT.
Business Insider will have full coverage as soon as the data drops.
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