Retail sales are up 1.8% mom in February in Australia, as reported by the country’s National Statistics Office. This data has come above the expected 1.0% and has matched the 1.8% reading of the previous month.
About retail sales
Australia’s leading indicator of consumer spending, retail sales, is released by the Australian Bureau of Statistics (ABS) about 35 days after the month ends. 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 with inflation and growth prospects, influencing the Reserve Bank of Australia’s (RBA’s) interest rate decision and AUD valuation. 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
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