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AUSTRALIAN RETAIL TRADE PREDICTED TO SLOW IN MAY.
SYDNEY, July 2 Asia Pulse - Economists are expecting retail trade to finally slow over May after five consecutive strong months of data.
The retail trade data, which is due for release tomorrow, is expected to show a median rise of just 0.1 per cent, according to a survey conducted by MMS. This follows a one per cent gain the previous month.
Most economists are looking for a decline in May after the past five results have seen gains of at least one per cent each.
"At the risk of being the boy who cried wolf once too often we again look for retail trade to post a pull-back after a steady run of upside surprises dating back to the start of the year," said Deutsche Bank senior economist Tony Meer.
Economists have also pointed to anecdotal evidence suggesting that the retail sector has remained weak.
Coles Myer Ltd (ASX:CML), which is one of the largest retailers in Australia, downgraded its profit forecast late last month despite the Australian Bureau of Statistics measure showing solid gains across the board on the retail spending sector.
"The series is overdue for a correction in the context of some of these recent warnings from the Coles Myer group and how supposedly lacklustre sales are," said RBC Dominion Securities economist Su-Lin Ong.
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Source: HighBeam Research, AUSTRALIAN RETAIL TRADE PREDICTED TO SLOW IN MAY.