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The Australian Bureau of Statistics (ABS) has released retail sales figures for the month of July, which recorded a 0.1% fall in retail sales over the month in seasonally-adjusted terms, with annual sales growth slowing to just 2.4%:
In trend terms, annual retail sales growth also slowed to 2.4%.
The below chart maps out nominal seasonally-adjusted sales growth by segment on a monthly and annual basis, which shows broad weakness in July and significant variation over the year:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.