By James Glynn
SYDNEY--Australian retail sales rose by 0.6% in September from August, the Australian Bureau of Statistics said Friday.
That was higher than the 0.4% rise expected by economists polled by The Wall Street Journal.
Sales for the third quarter fell 0.1%, the ABS said.
The ABS revised August retail sales growth higher to 0.5% from 0.4% previously reported.
In a signal of ongoing strength in the home-renovation market, sales of household goods rose by 2.3% in September from August. That was the highest increase in more than a year and more than four times the growth in the previous month.
Spending is being supported by above-average consumer confidence, record-low interest rates, falling unemployment and rising house prices.
The Reserve Bank of Australia this week left interest rates on hold at 1.50%. It passed up the opportunity to cut interest rates further given evidence of broad strength in the economy, and cited solid confidence level in its decision.
-Write to James Glynn at email@example.com
(END) Dow Jones Newswires
November 03, 2016 20:49 ET (00:49 GMT)
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