The Australian Bureau of Statistics has today released the country’s retail sales data for the month of January. The report has shown that retail sales rose 1.9% monthly in January, above the 1.5% expected and recovering from the -3.9% drop registered the previous month. Retail sales rise 7.5% compared to January 2022.
According to the Bureau, “More detailed results will be included in an additional publication on March 7, 2023. for the January 2023 reference period. Additional time series spreadsheets will be published, including: results by industry by state, results by industry subgroups by state, quarterly billing volumes, and online sales”.
About retail sales
Australia’s leading gauge of consumer spending, retail sales, is released by the Australian Bureau of Statistics (ABS) about 35 days after the end of the month. It represents approximately 80% of the total retail turnover in the country and therefore has a significant influence on inflation and GDP. This leading indicator has a direct correlation to inflation and growth prospects, influencing interest rate decisions and the Reserve Bank of Australia’s (RBA) valuation of the AUD. The statistics office uses the leading factor method, which ensures that seasonal factors are not distorted by the impacts of COVID-19.
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.
