Australia: Retail sales data exceeded expectations - TDS

Australia’s May retail sales jumped higher above market’s expectations at +0.6%/m (mkt: +0.2%) after a strong print in April of +1%, points out the research team at TDS.

Key quotes

“The largest increase came from discretionary with the seasonal rise in households goods of +2.2% and +1.3% in apparel. By states, NSW (+1.3%) and Victoria (1.2%) were the bright spots while Queensland (-1.1%) took some shine off due to the one-off flood.”