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Financial News: Australia Retail Sales Grow At Fastest Pace In

Australia Retail Sales Grow At Fastest Pace In 4 Months

08/01/2019 - 23:33:00 (RTTNews)

(RTTNews) - Australia's retail sales grew at the fastest pace in four months in June driven by clothing turnover, data from the Australian Bureau of Statistics showed Friday.

Retail sales advanced 0.4 percent month-on-month in June, following a 0.1 percent rise in May. This was the fastest growth since February and better than the expected increase of 0.3 percent.

Clothing sales climbed 2 percent, while department store sales fell 0.6 percent. Food services edged up only 0.1 percent and turnover of cafes, restaurant and takeaway food services gained 0.5 percent.

In the second quarter, retail sales grew 0.2 percent, reversing a 0.1 percent fall in the first quarter.

The quarterly increase was largely led by department stores, cafes, restaurants and takeaway food services and clothing and footwear sales.

Overall while the June report does not show a further worsening it underscores the very weak conditions across Australia's retail sector over the last year, Matthew Hassan, an economist at Westpac, said.

The economist noted that the key question going forward is the extent to which policy stimulus flows through to spending in the second half of the year.

Another report from ABS showed that producer price inflation rose slightly to 2 percent in the second quarter from 1.9 percent in the first quarter.

On a quarterly basis, producer prices grew 0.4 percent in the second quarter, reflecting sharp increases in prices of petroleum and transport equipment manufacturing.

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