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The Australian Bureau of Statistics (ABS) has released its preliminary retail sales data for May, which recorded only 0.1% growth – well below analyst’s expectations of a 0.4% rise:
Preliminary retail sales come in soft.
Retail sales were 7.4% higher year over year, with turnover still running way above the pre-COVID trend:
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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.