Retail sales dip: Economy roundup

Growth in retail sales revenue dropped to just 0.2% seasonally adjusted in October, well down on the 0.7% and 0.8% of the previous two months.

The 0.2% figure, which is below market expectations of around 0.5%, resulted from disappointing results in the food retailing sector, which declined 0.2%, and household goods, down 1.8%.

New dwelling approvals also disappointed in October, although the 2.8% decline followed on from an unusually strong 6.8% jump in September.

The volatile apartments sector was behind the fall, dropping 5.5% after a 17.8% hike in September. But in good news for the housing sector, new private house finance increased 0.9%, a result that Westpac economics says points to an “unambiguous upturn” in the broader housing sector.

On the markets today, at 12.50pm the S&P/ASX200 is down 0.3% on yesterday’s close to 6516.4 and the Australian dollar is trading at US87.46c, down on yesterday’s 88.06c close.

You can help us (and help yourself)

Small and medium businesses and startups have never needed credible, independent journalism and information more than now.

That’s our job at SmartCompany: to keep you informed with the news, interviews and analysis you need to manage your way through this unprecedented crisis.

Now, there’s a way you can help us keep doing this: by becoming a SmartCompany supporter.

Even a small contribution will help us to keep doing the journalism that keeps Australia’s entrepreneurs informed.



Notify of
Inline Feedbacks
View all comments