Commentary and analysis of key economic data and developments.
A snapshot of the latest in economic indicators from our Economic Services team.
28 Sep 2023Retail Trade August 2023
Retail trade rose a seasonally adjusted 0.2% in August, slightly less than the 0.3% pencilled in by the consensus. The annual rate of retail sales growth declined to 1.5% in seasonally adjusted terms and 1.3% in trend terms, which is the slowest trend growth on record.
The monthly CPI indicator rose to 5.2% over the year to August 2023, 0.3ppts up from the 4.9% in the previous month and in line with the market expectations. The renewed rise in inflation was driven almost exclusively by transport amid a strong rebound in automotive fuel prices.
Employment rose by 64.9k in August, well above the 25.0k pencilled in by the consensus. The unemployment rate remained at 3.7%, both in seasonally adjusted and trend terms. Western Australian employment rose by another 14.7k in August, but the unemployment rate picked up 0.3ppts to 3.8% amid a 0.7ppts surge in participation to a six-month high of 69.3%.