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Retail sale volumes sustain falling, beneath stress from interest charges and inflation. No surprise jobs in retail are disappearing.
Changed into once the retail information released the day old to this certainly infamous enough to justify comparisons to the financial crisis?
The plunge of 0.8% (concentrated in retail outlets, the save sales dropped 5%) in sales in June became once merely a reversal of the 0.8% jump in May presumably well presumably additionally, when many retailers tried one-off specials and other promotions to enhance sales. That ended up merely bringing spending forwards by a month.
That made for annual development of genuine 2.3% in the one year to June. But the volume information told the staunch chronicle — consumers had been pulling abet since the September quarter of 2022, when volumes peaked at 0.2%. Volumes fell 0.5% in the June quarter 2023, after a 0.8% drop in the March quarter and a 0.4% in the December quarter 2022.
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Poltics About the Authors
Business and Media Correspondent
Glenn Dyer is Crikey’s business and media correspondent.
Politics Editor @BernardKeane
Bernard Keane is Crikey’s political editor. Before that he became once Crikey’s Canberra press gallery correspondent, covering politics, national security and economics.