Retail sales for December are out and those that think interest rates are firing up a new binge have some answering to do. Monthly sales were down -0.2% versus expected 0.3% rise. November was also revised down to 0-.2:
Year on year growth was a lousy 2.3% and sliding.
The falls were across categories and non-mining states, from the ABS:
- The seasonally adjusted estimate fell 0.2% in December 2012. This follows a fall of 0.2% in November 2012 and a fall of 0.1% in October 2012.
- In trend terms, Australian turnover rose 2.5% in December 2012 compared with December 2011.
- The following industries fell in trend terms in December 2012: Other retailing (-0.5%), Household goods retailing (-0.4%), Cafes, restaurants and takeaway food services (-0.3%) and Clothing, footwear and personal accessory retailing (-0.2%). Food retailing (0.3%) and Department stores (0.1%) rose in trend terms in December 2012.
- The following states and territories fell in trend terms in December 2012: New South Wales (-0.2%), Victoria (-0.2%), South Australia (-0.4%), the Australian Capital Territory (-0.3%) and Tasmania (-0.2%). Western Australia (0.4%) and Queensland (0.1%) rose in trend terms in December 2012. The Northern Territory was relatively unchanged (0.0%).
Unconventional Economist will return with the quarterly details.