Retail slump continued in August

Retail sector activity contracted for the ninth month in a row in August as sales continued to fall, a survey of the Australian services industry suggests.

While the Ai Group’s Performance of Services Index gained 7.5 points to 51.4, rising back above the 50-point mark separating expansion and contraction in activity, the contraction in the retail sector accelerated.

“For most (retailers), the effects of expected stimulus following the reduction to the cash rate and the increase to the tax offset were not evident in sales across August,” the Ai Group said after releasing its PSI report on Wednesday.


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