By James GlynnSYDNEY--Australian retail sales volumes recorded a third consecutive quarterly fall in the second quarter, confirming that consumers are reining in spending in response to surging living costs and a big jump in interest rates. Retail sales volumes fell 0.5% in the second quarter. That marks the first time since 2008 that retail sales volumes have recorded three consecutive quarterly falls, the ABS said. Retail sales volumes were also down 1.4% compared to the second quarter of last year. Retail sales volumes were also down strongly for household goods and department stores.

Source: Wall Street Journal August 03, 2023 02:26 UTC