ONLY CHARTS #158

Aus retail sales, NZ building approvals, Aus credit growth, US yield curve predictions

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1. Australian nominal retail sales were unchanged in July following +0.5% m/m growth in both June - which was boosted by sales - and May.

Excluding food and eating out, nominal retail sales have been little changed for the best part of 2 years.

2. Over the 6 months to July, the strongest growth in Aussie retail sales was in other retailing (2.4%), buoyed by stronger sales of pharmaceutical products and “other” sales (which includes ‘pure play’ online retailers).