Australian June Retail Sales Plummet 1.4%, Expectations Called for Growth

Australia’s June Retail Sales figure unexpectedly plummeted 1.4%, stunning economist expectations of an increase in the metric of 0.5%. June’s publication of spending data continues to reduce any expectations of an economic revival. This comes just after a brief period in which consumer spending seemed to be showing a bottoming in the Australian economic downturn. June’s figure is surely the worst of its kind since that of February’s release. A breakdown of the data shows that tanking department store and clothing activity was the primary culprit behind this downfall. Purchases of clothing declined by 7.4% while department store sales plummeted 8.8% in the month.