Australia: NAB Cashless Retail Sales Index gained 0.8% in May - NAB

Australia’s NAB Cashless Retail Sales Index gained 0.8% in May on a month-on-month basis, following a flat read in April (revised from -0.6%), points out the research team at NAB. 

Key Quotes

“Our data mapping suggests that the official ABS measure of retail sales will be flat in May following the stronger-than-expected 0.4% in April. Our April estimate was revised this month, although remains well below the ABS April print.”

“The data remains more encouraging on a year ended basis, with the NAB Cashless Retail Sales Index up 10.3% in May, although this is potentially distorted by special factors from late-2017 (for example Black Friday sales and Apple’s Iphone x).”

“Year-on-year growth remained positive for all six NAB Cashless Retail Index major industry groupings.”

“Retail spending patterns continue to converge across Australia, with an only 2.0 ppt difference between the fastest growing state (the Australian Capital Territory) and the weakest (Western Australia).”