Australia January retail sales rebound is weaker than expected

Consumption, as represented by retail sales, rebounded in January, but missed estimates by a big margin, the Australian Bureau of Statistics reported today. The retail sales registered a growth of 0.1 percent month-on-month, compared to the forecast of 0.4 percent and up from previous month's reading of -0.5 percent. 

January Key Points (Source ABS)

CURRENT PRICES 

• The trend estimate rose 0.3% in January 2018. This follows a rise of 0.3% in December 2017 and a rise of 0.2% in November 2017.
• The seasonally adjusted estimate rose 0.1% in January 2018. This follows a fall of 0.5% in December 2017 and a rise of 1.3% in November 2017.
• In trend terms, Australian turnover rose 2.3% in January 2018 compared with January 2017.
• The following industries rose in trend terms in January 2018: Food retailing (0.3%), Household goods retailing (0.5%), Cafes, restaurants and takeaway food services (0.3%), Clothing, footwear and personal accessory retailing (0.3%), and Other retailing (0.1%). Department stores (-0.2%) fell in trend terms in January 2018.
• The following states and territories rose in trend terms in January 2018: Victoria (0.5%), Queensland (0.3%), New South Wales (0.2%), South Australia (0.5%), Western Australia (0.1%), and Tasmania (0.3%). The Australian Capital Territory was relatively unchanged (0.0%). The Northern Territory (-0.1%) fell in trend terms in January 2018.