Poor retail sales hit department stores

 In Australia, NewZealand
Falling real wages, rising unemployment, and fears about their job prospects are keeping Australians away from major department stores.
After retail spending grew by a paltry 0.1 per cent in August – the worst result in months – the dollar has plunged to an eight-month low.
Surprisingly weak sales last month put the brakes on a short burst of growth over June and July.
It comes after annual real wages growth fell to -0.5 per cent in the June quarter.  Sydney Morning Herald – Read more…

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