Only Charts

Edition #22

1. Retail sales in Australia fell 2.7% m/m in December, more than unwinding the 1.7% m/m gain in November (which was boosted by sales events)

2. While ABS revisions have smoothed out some of the volatility in seasonally adjusted retail sales, residual seasonality still exists due to the still relative newness of November sales events

3. Australians are spending less on eating out which is (some) good news for supermarkets

4. The pick-up in housing turnover in Australia has reduced the bleeding in household goods retailing…

5. …and is consistent with households reporting that they have become a bit less uncomfortable buying major household items

6. Q4 nominal retail sales in Australia rose +0.5% q/q. Coupled with our expectation for a ~0.5% q/q increase in the retail trade deflator, retail trade volumes are likely to have been broadly flat in the quarter…

7. …and down again in per capita terms

8. Estimates for the United States suggest that demand-driven inflation has slowed substantially