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…
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…