Year on year sales still healthy

 

dollar sign, moneyRetail sales still saw year on year growth for the month of May 2014, despite a gloomy Federal Budget announcement on May 13.

The latest Australian Bureau of Statistics retail trade figures shows that Australian retail turnover grew in trend terms, by 5.3 per cent in May 2014 compared with May 2013.

This figure conflicts with those reported by mainstream media outlets, which list on month on month growth – a figure irrelevant for retailers who look to year on year figures to manage businesses.

Seasonally adjusted sales came to $22.9 billion for the month of May.

Month on month, that is, May 2014 compared with April 2014, sales fell 0.5 per cent seasonally adjusted, following a fall of 0.1 per cent in April 2014.

The largest contributor to the month on month decline was department stores, which fell 2.6 per cent, followed by clothing, footwear and personal accessory retailing with a drop of 2.3 per cent; household goods retailing, tumbled 0.9 per cent, and and other retailing lost 0.4 per cent.

These falls were partially offset by rises in food retailing and and cafes, restaurants and takeaway food services, which grew by 0.1 per cent each.

In seasonally adjusted terms, the state with the greatest decline was Victoria, with a 1.1 per cent drop, followed by NSW at 0.5 per cent; Western Australia and ACT, 0.3 per cent each; Tasmania, 0.2 per cent; and Queensland, 0.1 per cent.

The only states to see rises in retail spending in May were Northern Territory with 0.4 per cent growth, and South Australia with 0.2 per cent.

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