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Australian Retail Sales Recover in January

6 Mar 2017 12:38 am
 
   By James Glynn 
 

SYDNEY--Australian retail sales rose in January from December, with spending at cafes and on household goods leading the recovery.

Retail sales rose 0.4% in January from a month earlier, the Australian Bureau of Statistics said Monday. The result was in line with economists' expectations and was the strongest result since October last year. Sales fell 0.1% in December.

The Reserve Bank of Australia has kept interest rates at a record-low 1.5% recently. That's helped underpin the housing market and offset weak wages growth, currently at record lows.

Victoria state, which has been enjoying strong house price growth, recorded the biggest monthly gain of 1.1%, its best result since August.

The rise in household goods sales was countered by falling department store sales, while clothing prices also fell.
 

-Write to James Glynn at james.glynn@wsj.com
 

(END) Dow Jones Newswires

March 05, 2017 19:38 ET (00:38 GMT)

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