Australia'S Retail Sales Grew By 0.2% In October, Less Than Expected.
Australia
Statistics Bureau
(Bureau of Statisticss) announced in December 1st, due to
consumption
They cut spending on department stores, and the growth rate of retail sales in Australia in October was slower than economists expected.
According to the Statistics Bureau, Australia's retail sales increased by 0.2% in October, compared with 0.4% in September.
The result is lower than that.
Economics
The expected increase was 0.4%.
In the holiday season, retail sales in Australia may accelerate, after the Glenn Stevens lowered its benchmark interest rate for the first time in 31 months in November 1st, indicating a slowdown in inflation in the country's economy.
Australia's consumer confidence index rose in October, and the unemployment rate fell for the first time since March.
A senior economist at the Royal Bank of Scotland group said in a research report that although consumer confidence is showing a slightly upward trend, retail sales are expected to be flat as a result of mixed news from retailers.
Statistics show that retail sales of clothing and footwear increased by 1.2% in October, and retail sales of foodstuffs increased by 0.5%.
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