The Australian dollar has dropped on the back of a lower than expected increase in retail sales, with sales taking a dive for department stores and household good retailers.
According to data released by the Australian Bureau of Statistics (ABS), retail turnover rose a seasonally adjusted 0.1 per cent in August to $23.31bn with the Australian dollar dropping below US87c on the weaker than expected figures.
This follows a stronger performance in July, with sales rising a seasonally adjusted 0.4 per cent.
Food retailing grew by 0.3 per cent while cafes, restaurants and takeaway food services experienced growth of 0.2 per cent. Clothing, footwear and personal accessory retailing grew up by 0.3 per cent.
In seasonally adjusted terms the states that experienced rises including Victoria with 0.7 per cent, the Northern Territory with 1.7 per cent and Western Australia with 0.1 per cent. South Australia and Tasmania experienced no change while the states that experienced falls included Queensland, NSW, and the ACT.
The dollar was trading at US87.50c early this morning, but dropped on the back of the disappointing retail figures to below US87c.
