By CountingPips.com
Australian retail sales data released earlier today showed that sales edged higher in May but came in lower than expected. Retail sales increased by 0.2% on a seasonally adjusted basis to A$20.155 billion in the month of May following a seasonally adjusted increase of 0.6% in April, according to data by the Australian Bureau of Statistics. The sales results have increased for three straight months but May’s sales level represented the slowest increase of those three months.
The data failed to match market forecasts that were expecting the sales level to reach 0.3% for the month.
Contributing to the increase in retail sales for May was a gain by 1.7% in the clothing, footwear and other personal accessory retail sector while department store sales registered a 1.0% increase for the month. Also showing gains for the month were cafés, restaurants and take away food services (+0.8%), other retailing (+0.3%), and food retailing (0.2%). The largest negative contributor to the sales level in May was sales in household goods retailing which decreased by 1.4%.
New South Wales led the way for states and territories in retail sales increases with a 0.9% gain while Victoria also showed an increase by 0.2%. South Australia, Queensland, Tasmania, Western Australia, the Northern Territory and the Australian Capital Territory all registered negative retail sales levels in May.
In a separately released by the Australian Bureau of statistics, the total number of building units approved in May fell by a seasonally adjusted 6.6% compared to April. On an annual basis and despite the monthly decline, Australian building approvals are 26.6% above the May 2009 level. May private sector houses approved increased by 1.7% on a seasonally adjusted basis and are 9.2% higher on an annual basis.
