ASX set to drop after Wall Street sell-off - ABC News

Australian retail turnover rose 0.9 per cent in May 2022, reaching another record level, according to the Retail Trade figures released today by the Australian Bureau of Statistics (ABS). .

It's the fifth consecutive monthly rise in retail sales after rises of 0.9 per cent in April, 1.6 per cent in March, 1.8 per cent in February and 1.6 per cent in January, according to the ABS.

This was most evident in cafes, restaurants and takeaway food services and food retailing," Mr Dorber said.

Department stores had the largest rise, up 5.1 per cent, followed by cafes, restaurants, and takeaway food services (1.8 per cent), other retailing (1.5 per cent), food retailing (0.6 per cent) and household goods retailing (0.4 per cent).

Clothing, footwear, and personal accessory retailing was the only industry to record a fall, down 1.4 per cent, following three consecutive monthly rises.

New South Wales had the largest rise in retail sales, up 1.6 per cent, followed by 1.3 per cent in Victoria.

Consumers' assessment of current business and labour market conditions were little changed, but but their short-term outlook for income, business and labour market conditions were the weakest since March 2013

"While the labour market remains in a very good position, areas of weakness are appearing in the economy - such as the property market - and perhaps consumer spending will be next," OANDA senior market analyst Craig Erlam said

"Consumers hate inflation and this is depressing consumer confidence via the expectation channel even as households see labour market conditions as strong," said Conrad DeQuadros, senior economic advisor at Brean Capital