UPDATE 1-Australia June retail sales pick up as rate cuts cheer consumers [Reuters]
WOOLWORTHS HLDGS S/ADR (WLWHY)
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Source: Reuters
UPDATE 1-Australia June retail sales pick up as rate cuts cheer consumers - Reuters 4 Min Read * June retail sales +0.4% vs +0.3% consensus * Q2 retail sales +0.2% vs +0.3% consensus * RBA rate cuts, tax rebates to help near-term spending * Weak wage growth a major worry for consumption in long-term (Adds economist comments) By Swati Pandey SYDNEY, Aug 2 (Reuters) - Australian retailers enjoyed the best month of sales in June in four months in a sign recent mortgage rate cuts and a bottoming in the country’s housing prices had lifted the consumer mood. Friday’s data from the Australian Bureau of Statistics (ABS) showed retail sales climbed 0.4% in June after a 0.1% gain in May, beating analysts’ forecast for a 0.3% rise. That was the best monthly growth since February when retail sales jumped 0.8%. Retail sales growth has withered in recent months, staying under 1% since late 2017 as Australia’s once-booming housing market weakened dramatically leaving households with a mountain of de
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