“A broad-based weakening”: October retail sales down 0.2%

Summary: Retail sales down 0.2% in October, below expectations; first monthly fall in 2022; “a broad-based weakening”, coming off high base; largest influence on month from food sales. Growth figures of domestic retail sales spent most of the 2010s at levels below the post-1992 average. While economic conditions had been generally favourable, wage growth and inflation rates were low. Expenditures on goods then jumped in the early stages of 2020...

read full story