Australian retail sales grew 0.7% m/m in May, vs. 0.1% expected and from 0.0% previously, according to the latest economic update from the Australian Bureau of Statistics.
“Sales of A$35.52 billion ($23.52 billion) increased 4.2% from a year earlier, matching April’s growthbut a world away from the boom levels of around 19% seen in the middle of last year,” Reuters said after the data was released.
About Australian Retail Sales
Retail Sales published by the Australian Bureau of Statistics is a survey of goods sold by retailers, which is based on a sample of retail stores of different types and sizes and is regarded as an indicator of the pace of the Australian economy. It shows the performance of the retail sector in the short and medium term. A positive economic growth anticipates bullish trends for the AUD, while a low reading is considered negative or bearish.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
