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:
Annual trend retail sales growth shows a mixed bag and a generally weakening trend:
The next chart shows seasonally-adjusted retail sales by jurisdiction on a monthly and annual basis, which again shows broad weakness over July and significant variation over the year:
Annual trend retail sales growth also shows a generally weakening trend and significant variation across jurisdictions:
The “retail recession” deepens.