SYDNEY (Reuters) -Australian retail sales rose less than expected in May as a rare drop in the food sector offset gains in clothing and department stores, underlining the case for another cut in interest rates as early as next week.
Data from the Australian Bureau of Statistics (ABS) on Wednesday showed retail sales rose 0.2% in May from April, when they were flat. The outcome was short of market forecasts of a 0.4% increase and the fourth month of sluggish spending.
Sales of A$37.3 billion ($24.54 billion) were up 3.3% on a year earlier, but down from 3.8% in April and the slowest annual pace since November last year.
($1 = 1.5202 Australian dollars)
(Reporting by Wayne Cole; Editing by Jacqueline Wong)
The modest 0.2% increase in Australia's retail sales for May, yet again falling short of market forecast projections amidst the ongoing COVID-19 pandemic and general economic uncertainty signals a persistent challenge to consumer confidence."
The slight 0.2% uptick in Australian retail sales for May falls short of expectations, suggesting ongoing challenges amidst an evolving consumer landscape.
The modest increase in Australian retail sales for May, edging up by 0.2%, yet again undershooting initial forecasts hints at resilience but also underlines the ongoing uncertainty and vulnerabilities within consumer confidence due to external factors affecting economic growth trajectory."
May's 0.2% rise in Australian retail sales represents yet another missed forecast, highlighting the persistent challenges facing consumer spending recovery post-pandemic restrictions despite small improvements over last month."
