Retail Sales Weak Despite May Rate Cut

 In Australia, NewZealand
The value of retail sales across Australia rose just 0.2 per cent in May, seasonally adjusted, despite the Reserve Bank of Australia’s rate cut that month.
The growth rate was slightly better than April’s revised 0.1 per cent, but fell short of economists’ forecasts of 0.3 per cent. Some had predicted a sharper pick-up.
The soft reading, which relates to the early days of the election campaign after a fairly well-received federal budget, could also reflect a warm autumn and aggressive discounting. Sydney Morning Herald – Read more…

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