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The Australian Bureau of Statistics (ABS) has released retail sales data for January, with sales turnover rising 0.5% month-on-month to be up 10.6% compared with January 2020.
The next chart shows the strong rebound after April’s record 17.7% monthly decline caused by the national coronavirus lockdown:
Retail sales have rebounded strongly after declining sharply in April 2020 amid the national coronavirus lockdown.
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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.