Economy

November Retail Sales Beat Forecast

November Retail Sales Beat Forecast

It was certainly a significant jump compared to the same period previous year (November 2017), when online sales were 5.5 per cent of total turnover.

There was a monthly rise in food retailing, up 0.2 per cent to $11 billion, as well as a lift for department stores, up 0.4 per cent to $1.57 billion.

The ABS noted that it was "highest level" of online retail sales figures it had ever collected.

"Retail turnover from online sales continues to increase at a high rate and this can be attributed to the rise in popularity of events such as Click Frenzy and Cyber Monday, combined with the fact that buying online is a convenient option for many shoppers", she said in a statement Friday afternoon.

Singapore's total retail sales value in November 2018 was estimated at 3.8 billion Singapore dollars (about 2.81 billion US dollars).

By state and territory, the ABS said that after falling heavily in the prior two months, sales in New South Wales, Australia's most populous state, rose strongly, increasing by 0.8%.

The food and beverage industry's monthly sales grew by 1.7 per cent, on a seasonally adjusted basis.

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Even after motor vehicles were taken out of the picture, sales were still down by 0.2 per cent. There were falls in the Northern Territory (-0.9 per cent), and Tasmania (-0.2 per cent). The steep slowdown, leaving annual growth in sales at the weakest level since May past year, reflects the high base effect created by a huge 1.2% increase in turnover that occurred in November 2017.

The yield on Australia's benchmark 10-year note, which moves inversely to its price, traded flat at 2.315 percent, the yield on the long-term 30-year bond remained steady at 2.843 percent and the yield on short-term 2-year stood at 1.899 percent by 04:00GMT.

The reversal in non-food sales in 2017 was even more acute with November's 2.1% gain followed up by a 1.4% plunge in December.

"As such, markets will likely interpret any strong November Retail Sales outcome with a degree of caution - a solid result could easily be offset by a weaker December result due to these shifting seasonal spending patterns".

Data from the Commonwealth Bank's records of its customers' credit card usage shows sales across November, December and early January were considerably down on a year ago.

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