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Financial News: Australia's Retail Sales Growth Exceeds Expectations

Australia's Retail Sales Growth Exceeds Expectations

07/04/2017 - 00:17:00 (RTTNews)

(RTTNews) - Australia's retail sales grew more than expected in May, data from the Australian Bureau of Statistics revealed Tuesday.

Retail sales climbed 0.6 percent month-on-month in May, weaker than the 1 percent increase seen in April.

Nonetheless, the pace of growth was faster than the 0.2 percent rise economists had forecast and also this was the second consecutive rise in sales.

The stronger than expected rise in retail sales values in May, alongside the surge in sales in April, suggests that real consumption growth accelerated in the second quarter, Kate Hickie, an economist at Capital Economics, noted.

"That said, we doubt this will mark the start of a sustained pick-up in consumption growth as subdued income growth and high household debt are likely to hold back spending," the economist added.

Household goods retailing expanded 2.2 percent and sales of clothing and footwear rose 1.3 percent. Department store sales fell 0.7 percent, while other retailing gained 0.6 percent.

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