There were more surprises for economists today with Retail sales falling 0.6 percent seasonally adjusted for May 2011. Economists had expected a rise of 0.3 percent.
The ABS also released Housing approvals for the month of May showing falls of 7.9 percent in contrast to economist predictions of a minor 0.5 percent decline.
» Debt Bubble Cripples Retail Spending – Who crashed the economy?, 8th June 2011.
» Retail sales in surprise drop – The Sydney Morning Herald, 4th July 2011.
» 8501.0 – Retail Trade, Australia, May 2011 – The Australian Bureau of Statistics
» 8731.0 – Building Approvals, Australia, May 2011 – The Australian Bureau of Statistics