Retail sales positive for Q2 GDP

The ABS has released retail sales data for June, which fell 1.8% over the month to be 2.9% higher year-on-year:

Monthly retail sales

Momentum fading.

The decline in retail sales in June was fairly broad-based with only South Australia and the ACT recording growth:

Retail

Down across most jurisdictions.

All sub categories other than food retailing also registered falls:

Retail

Only food retailing rose.

However, quarterly retail volumes rose 0.8% over the June quarter to be 9.2% higher than they were a year ago:

Quarterly retail

Quarterly retail sales volumes positive.

This is obviously positive for Q2 GDP growth. However, recent lockdowns will weigh heavily on Q3’s outcome.

Unconventional Economist
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