Australia: Cashless Retail Sales Index gained 1.1% in August - NAB

The NAB Cashless Retail Sales Index for Australian economy gained 1.1% in August, following a gain of 0.7% (revised) in July, notes the research team at NAB. 

Key Quotes

“All of the six major categories grew in the month; four saw an improvement while one saw (household goods) steady growth and another (cafes, restaurants and takeaway) saw growth moderate.”

“Our data mapping suggests that the official ABS measure of retail sales will be flat in August, following a flat ABS print in July. Our forecast last month was 0.1%, but has been revised to -0.1%.”

“The NAB Cashless Retail Sales Index was up a more encouraging 11.5% year-on-year in August, although this is still potentially distorted by special factors from late-2017, including the new to Australia Black Friday sales.”

“Year-on-year growth is positive for all six NAB Cashless Retail Index major industry groupings.”

“The convergence in retail spending patterns across Australia, which has been present for some months, remains.”