- Bill Evans, Westpac chief economist
Retail sales in the South Pacific country jumped more than initially expected in June following a sharp fall un sales in the previous month, in a sign that consumers have recovered somewhat from a budget-related slump in confidence and stimulus efforts, designed to offset a sharp decline in the mining sector, are encouraging consumers to start spending. The Bureau of Statistics said that retail sales rose as much as 0.6% in June, coming in stronger than the projected 0.3% increase in sales. The jump in monthly sales was driven by a 1.5% increase in food retailing, dining out services and a rise in household goods sales. This, however, was partly offset by decreases in clothing retailing and department-store sales.
In the meantime, Australian job ads were slightly higher in July than in the previous month, adding to signs of a stable labour market ahead of this week's official employment data. Job adverts climbed for a second consecutive month in July, albeit at a mild pace, raising hopes that the job market could be starting to stabilize after a series of weak labour figures in recent months. According to the ANZ, advertised job opportunities ticked 0.3% higher, following a revised 4.4% advance in June and a 5.7% slump in May. Following the data release, the Australian Dollar rose against the Greenback, gaining 0.16% to trade at $0.9322 from $0.9306.
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