Retail sales bounce back
RETAIL sales rose 0.3 per cent in January, following a 0.1 per cent drop in December, according to the Australian Bureau of Statistics. The market had expected 0.3 per cent growth.
The traditional retail sector has fallen on hard times in recent years pressured by slumping domestic demand and the coming of age of online shopping in Australia.
Total annual growth in retail sales, measured by the ABS in 2011, was the weakest on record since 1984.
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The dollar rose as high as $US1.0814 on the retail data, defying weak construction data that was released at the same time. The currency was recently trading at $US1.08, up from $US1.0789 before the announcement.
Moody's Economy.com's Katrina Ell said the rise in January doesn't change the overall picture for the industry.
Read more at Brisbanetimes.com.au