Retail sales in Australia unexpectedly stabilized last July, according to data from the National Bureau of Statistics, which is the worst reading since March versus expectations of 0.3% and previous reading of 0.4%.
The main reason for the decline was a 2% drop in clothing sales, while supermarkets dropped by 1.9% and home goods fell by 1.2%.
It should be noted that today's sales were disappointing as some worried about the impact of the dominant weakness in wage growth on household consumption other than sluggish growth in the housing market.
On the other hand, house prices fell for the eleventh month in a row in August as the Reserve Bank of Australia took tougher lending measures.
