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Australian retail sales rebounded at the fastest pace since April 2018

11 Jan 2019 01:39 PM

Retail sales in Australia rebounded last November, marking the fastest monthly growth since April 2018. According to the National Bureau of Statistics, retail sales rose by 0.4%, better than the 0.3% growth forecast.

Black Friday supported retail sales significantly over the period. Home goods rose 1.2%, and clothing and footwear rose 1.5%, the biggest increase since August. On the other hand, Internet sales rose by 6.6%, representing an increase of 5.5% of total sales in November.

Food and retail sales rose by 0.4% and 0.2%, respectively, but sales of cafes, restaurants and ready-to-eat meals fell by 0.1% each.

But on an annualized basis, retail sales growth slowed in November from 3.6% to 2.8%, its lowest level since May. Excluding food sales rose 1.9% from the previous year and also the lowest increase since May 2018.

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