Retail renaissance continues into June

The retail renaissance I’ve noted for the past few months powered on in June rising 1%. And the strength appeared to broaden somewhat with more categories experiencing a better month:

• The trend estimate rose 0.5% in June 2012. This follows a rise of 0.5% in May 2012 and a rise of 0.5% in April 2012.
• The seasonally adjusted estimate rose 1.0% in June 2012. This follows a rise of 0.8% May 2012 and a fall of 0.2% in April 2012.
• In trend terms, Australian turnover rose 4.1% in June 2012 compared with June 2011.
• The following industries rose in trend terms in June 2012: Food retailing (0.5%), Cafes, restaurants and takeaway food services (1.1%), Other retailing (0.6%), Department stores (0.8%), Clothing, footwear and personal accessory retailing (0.5%) and Household goods retailing (0.1%).
• The following states and territories rose in trend terms in June 2012: New South Wales (0.8%), Queensland (0.7%), Western Australia (0.8%), Victoria (0.1%), South Australia (0.3%), the Northern Territory (1.1%) and the Australian Capital Territory (0.2%). Tasmania (-0.1%) fell in trend terms in June 2012.

Here’s the monthly chart:

And quarterly:

Looks like we’re setting up nicely for another good GDP result this quarter.

The magic of rate cuts and handouts!