Retail sales in the U.S. fell by 0.1% in October, marking the first decline since March [15ad46b8]. This decline was lower than the expected decline of 0.3% [2e4be436]. The drop in sales was primarily attributed to a decrease in sales of big-ticket items such as cars and furniture [2e4be436]. However, sales at restaurants and supermarkets remained strong [2e4be436]. Despite concerns about the impact of inflation and economic conditions on consumer spending, the Federal Reserve sees this decline as a positive indicator that spending isn't accelerating and there are no significant signs of economic weakness [2e4be436].
The decline in retail sales also raises concerns about the overall health of the economy and the impact of inflation on consumer spending [15ad46b8]. However, experts predict a solid 4% increase in sales during the holiday shopping season [15ad46b8].
The stock market has been performing well due to positive economic indicators, including the Federal Reserve's low reading on inflation and weak wholesale inflation report. However, the decline in retail sales raises concerns about the overall health of the economy and the impact of inflation on consumer spending [15ad46b8].
While economists expect retail sales growth to slow in the coming months, retail sales represent a significant portion of consumer spending, which drives overall economic activity [2e4be436]. The data suggests that despite economic pressures and higher borrowing costs, consumers are showing resilience in their spending habits [ac8834d2].
In New Zealand, the retail sector showed stability in Q3 2023, with no change in overall retail sales compared to the previous quarter, countering predictions of a decline [a511c543]. Clothing sales increased by 4%, food services by 1.9%, and supermarket and grocery store revenues by 1.7% [a511c543]. However, motor vehicle and parts retailers experienced a 2.9% dip in sales volume [a511c543]. Fuel retailing faced challenges with declining volumes but increased in value by 7% due to price fluctuations [a511c543]. The New Zealand dollar remained stable following the release of the statistics [a511c543]. The retail data suggests underlying strength in the domestic economy despite some sectors struggling [a511c543].
In Australia, retail sales dropped by 0.2% in October compared to the previous month, following a 0.9% rise [aaca686d]. The official data published by the Australian Bureau of Statistics revealed that the figure was worse than the market expectation of a 0.1% increase [aaca686d]. This decline in retail sales raises concerns about the health of the Australian economy and its impact on consumer spending [aaca686d].
Retail sales in Australia dropped by 2.7% in December, with the largest fall in household goods retailing (-8.5%) and significant declines in spending on clothing, footwear, and personal accessories (-5.7%) [64f8ee2c]. The decrease in sales was a correction from the strong November shopping spree, which was boosted by Black Friday and Cyber Monday sales [64f8ee2c]. The Australian Bureau of Statistics attributed the drop in December sales to a shift in spending from December to November, as consumers took advantage of discounts during the Black Friday sales [64f8ee2c]. Treasurer Jim Chalmers stated that the weaker retail sales were expected due to cost-of-living pressures and interest rate rises, and the government plans to redirect tax cuts towards middle-income earners [64f8ee2c].
Retail trade in Tasmania is bouncing back, according to the Australian Bureau of Statistics' latest data release [06074023]. The nominal value of retail trade in Tasmania was estimated to be $716 million in December 2023, up 0.4% compared to the previous month and up 1.7% from the previous year [06074023]. This increase was ahead of the national average and the highest increase in the nation [06074023]. The strong retail trade and higher business confidence in Tasmania are attributed to the Rockliff Liberal Government [06074023]. The recently released NAB Business survey also showed that Tasmania has the most favorable business conditions and the highest business confidence in the nation [06074023]. This growth in retail trade and business confidence is leading to more employment opportunities and job security in Tasmania [06074023]. The strong economy allows for more investment in areas such as health, education, housing, and community infrastructure [06074023].
South Australia has defended its title as the best-performing state economy, topping CommSec's quarterly State of the States report [27d7a12e] [b0fa48f8]. The state ranked first in January as well. South Australia's robust jobs market, growth performance, and strong building activity contributed to its success [27d7a12e]. However, there are signs that its economy is losing momentum, and Western Australia could potentially overtake it in the future [27d7a12e] [b0fa48f8]. Western Australia led in population growth and business investment, while the ACT led in retail spending [b0fa48f8]. Despite challenges, state and territory economies have generally remained resilient, supported by firm population growth and low unemployment [b0fa48f8].
Overall, the performance of retail sales in the US, New Zealand, Australia, Tasmania, and South Australia reflects a mixed picture, with some sectors showing resilience while others face challenges. The data suggests that economic conditions and inflationary pressures continue to influence consumer spending patterns in these countries [15ad46b8] [a511c543] [aaca686d] [64f8ee2c] [06074023] [27d7a12e] [b0fa48f8].