* Retail trade grew by a decent 0.4% in August, but stands at a lacklustre 2.3% higher through the year.
* Spending was driven by a solid bounce in sales at department stores.
* The lift in retail spending over August is commensurate with the recent lift in consumer sentiment.
Retail trade rose by a decent 0.4% in August, which was better than market expectations which centred on a rise of 0.3% {CBA (f) +0.4%}. The lift in sales over August followed some pretty weak sales figures over the previous five months. Today’s lift in retail trade was the strongest monthly increase in sales since February. But spending is growing at a subdued 2.3% in annual terms, which is below trend.
Read the full report: Economic Research
Commonwealth Bank