Economic news
Australia retail sales go flat in July
2024.08.29 22:01
SYDNEY (Reuters) – Australian retail sales went flat in July after a couple of months of upbeat results boosted by discounting events, with spending on clothes and at department stores taking a hit as shoppers turned frugal.
Data from the Australian Bureau of Statistics (ABS) on Wednesday showed retail sales were unchanged in July from June, when they rose 0.5%. Analysts had looked for a rise of 0.3%.
Sales were up 2.3% on a year earlier, a weak result given Australia’s population is surging by 2.6% annually.
