Later this morning the ABS will release its retail sales report for January, something that will be perhaps more influential than normal given unexpected weakness in December.
Here’s the state of play.
- In December, retail sales rose by a paltry 0.02% to $24.759 billion, the smallest monthly increase since sales contracted 0.1% in July 2015.
- Over the year, sales grew by 4.19%, a deceleration on the 4.3% pace reported previously.
- By category, household goods retailing grew by 6.3% from 12 months earlier, the fastest of any category. Spending at cafes, restaurants and takeaway food outlets – once high-flying – recorded the slowest annual increase at 2.9%.
- By location, Victoria recorded the fastest annual increase in sales at 5.8%, outpacing growth of 5.5% in the ACT. Sales in New South Wales, the largest state by economic size and population, increased by 5.0%.
- After disappointing in December, economists expect sales to bounce back in January, forecasting an increase of 0.4%.
- Of the 20 economists surveyed by Thomson Reuters, forecasts range from an increase of 0.3% to 0.8%.
The ABS will release the report at 11.30am AEDT.
Business Insider will have full coverage as soon as the data drops.