Underwhelming 0.2% rise for Sept retail

Retail spending rose just 0.2 per cent in September, missing economist forecasts of a 0.4 per cent increase in a sign that Reserve Bank rate cuts have failed to boost consumption.

Seasonally adjusted retail spending rose to $27.56 billion for the month, according to Australian Bureau of Statistics data released on Monday, softening from a 0.4 per cent rise in August.

Quarterly retail volumes fell by a seasonally adjusted 0.1 per cent for the three months since July, missing expectations of a 0.3 per cent rise,

The Australian dollar fell from from 69.16 US cents to as low as 69.04 US cents immediately after the release of the data, and was worth 69.06 at 1140 AEDT.

AAP

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