Retail trade slumps 1.1 per cent in Oct, drags Aussie dollar
Australian retail trade at current prices decreased by 1.1 per cent in October, seasonally adjusted, following a revised rise of 0.1 per cent the previous month, according to data released today by the Australian Bureau of Statistics.This is below the median market forecast of a 0.4 per cent rise in the month.
Cafes, restaurants and takeaway food services, down 4.8 per cent, recorded the largest fall. This was followed by clothing, footwear and personal accessory retailing, which declined by 4.6 per cent.
Other retailing slumped 2 per cent and departments stores shed 1.1 per cent.
Meanwhile, turnover rose 0.6 per cent in food retailing and 0.5 per cent in household goods retailing.
In terms of territory, turnover dipped in New South Wales by 1.8 per cent, Queensland by 1.2 per cent, Victoria by 0.8 per cent, the Northern Territory by 4.9 per cent, Western Australia by 0.3 per cent and South Australia by 0.2 per cent.
Turnover edged up in the Australian Capital Territory by 0.6 per cent and Tasmania by 0.5 per cent.
Trend turnover was relatively flat in October, ABS said. This follows a revised rise of 0.1 per cent in September and a revised rise of 0.2 per cent in August. In the 12 months to October 2010, trend turnover rose 2.8 per cent
The Aussie dollar lost one third of a US cent after the release of a weak retail trade result.
The local unit was trading at 96.64 US cents at 11.30 AEST before dipping to 96.33 US cents shortly afterwards.