4 Dec 2014
Australian retail sales solid - ANZ
FXStreet (Bali) - According to ANZ Economists, the Australian retail sales report was a solid one, adding that it looks as if retail sales momentum has picked up.
Key Quotes
"Retail sales growth was better than expectations in October, rising 0.4% m/m (ANZ: +0.2%, mkt: +0.1%). Electronic sales (which include iPhone 6) surprisingly rose 1.6% m/m following a strong 9.4% m/m in September. Ex-electronics, sales rose 0.3% m/m following a solid 0.8% m/m rise in September."
"There was strength in clothing (+1.1% m/m) which likely reflects a boost from a lower Australian dollar and warmer-than-usual weather. Department stores sales were also solid (+2.0% m/m). Cafes, restaurants, and takeaway food services were the main disappointment, falling 2.1% m/m after a similar sized rise in the previous month."
"In combination with last month’s numbers, it looks as if retail sales momentum has picked up. As yesterday’s national accounts showed, however, overall consumer spending growth remains relatively soft, with slow growth in household incomes weighing on spending."
Key Quotes
"Retail sales growth was better than expectations in October, rising 0.4% m/m (ANZ: +0.2%, mkt: +0.1%). Electronic sales (which include iPhone 6) surprisingly rose 1.6% m/m following a strong 9.4% m/m in September. Ex-electronics, sales rose 0.3% m/m following a solid 0.8% m/m rise in September."
"There was strength in clothing (+1.1% m/m) which likely reflects a boost from a lower Australian dollar and warmer-than-usual weather. Department stores sales were also solid (+2.0% m/m). Cafes, restaurants, and takeaway food services were the main disappointment, falling 2.1% m/m after a similar sized rise in the previous month."
"In combination with last month’s numbers, it looks as if retail sales momentum has picked up. As yesterday’s national accounts showed, however, overall consumer spending growth remains relatively soft, with slow growth in household incomes weighing on spending."