Australian retail pulls another donut

The September quarter retail sales data from the Australian Bureau of Statistics (ABS) revealed the first annual decline in retail sales volumes since the early-1990s recession:

Now, the ABS has released retail sales figures for the month of October, which recorded zero growth in the value of retail sales over the month in seasonally-adjusted terms, with annual sales growth slumping to just 2.1%:

In trend terms, annual retail sales growth slowed to 2.3%.

The below chart maps out nominal seasonally-adjusted sales growth by segment on a monthly and annual basis, which shows significant variation over the year:

Annual trend retail sales growth also shows a mixed bag:

The next chart shows seasonally-adjusted retail sales by jurisdiction on a monthly and annual basis, which again shows significant variation:

Annual trend retail sales growth also shows a mixed bag:

Interestingly, the rebound in dwelling values has failed to filter through to retail sales, which remain in the gutter:

Australia’s “retail recession” rolls on.

Leith van Onselen
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