By: Staff Reporter
Weak retail figures released yesterday have highlighted caution among consumers as well as a fragile domestic economy.
Retail sales rose just 0.2 per cent in June, the ABS revealed yesterday, following an equally weak 0.2 per cent rise in May.
Australian Retailers Association (ARA) executive director Russell Zimmerman said the figures painted a bleak picture.
“Retail sales across all states and categories have increased only 1.9 per cent from June 2009 to June 2010. This is not real growth, it’s well below healthy levels for the sector and it’s a very real signal for the RBA to hold interest rates until retailers begin to post some significant and consistent growth,” he said.
A closer look at retail figures reveals negative growth occurred for several sectors including department stores (-1.6 per cent), household goods (-1.0 per cent) and clothing, footwear and personal accessories (-0.8 per cent).
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