Retail sales for July are out and beat estimates, rising 0.5% in July against expectations of a 0.3% rise:
Sales Ex-Food was only up 0.3%, as food rose 0.8%, and is now actually down 0.5% over the past 12 months:
Of the other components, Household goods were flat, Department stores were up 1.2%, Cafés and restaurants were up 1.1%, Other up 1.9% while Clothing sales fell 4.2%.
By state, NSW outperformed with sales up 1% while Victoria was up 0.3%. QLD was down 0.2% and the ACT was up 0.1%. SA and TAS, both up 0.8% and WA, up 0.7% performed well.
The monthly trend rate of growth remained unchanged at 0.1% while the annual change in trend sales fell to its lowest level since the series began.
After two months of falls the latest increase indicates that consumer spending is hanging in there despite the recent collapse in confidence and surge in uncertainty. However the trend remains weak and that is the key