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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
Retail sales in September were stronger than expected rising a solid 0.6% m/m and 17.9% y/y, despite depressed consumer confidence. The pace of monthly sales was in line with August and the annual rate only slowed slightly to 17.9% y/y due to the start of post-lockdown spending boosting September 2021.
- This data confirms that the RBA still has a number of rate hikes to go. But inflation also rose 0.6% m/m in September suggesting sales volumes were close to flat. So Friday’s real retail sales data for Q3 will indicate if volumes also held up over the quarter.
- September sales have risen in every month of 2022 and have averaged +1.0% m/m.
- September strength was driven by food retailing, clothing & footwear and restaurants. And sales were also boosted by the additional public holiday in September when many retailers stayed open.
Australia retail sales vs consumer confidence
Source: MNI - Market News/ABS/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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