Investing.com – Retail sales in New Zealand were flat in August, official data showed on Thursday.
In a report, Statistics New Zealand said retail sales were flat at a seasonally adjusted 0.0% in August, after falling by 0.5% in July, whose figure was revised up from a decline of 0.4%.
Analysts had expected retail sales to rise by 0.4% in August.
The report said that core retail sales, which excludes automobiles, fell unexpectedly, declining by a seasonally adjusted 0.6% in August, after falling by 0.1% in July.
Analysts had expected core retail sales to rise by 0.2% in August.
Commenting on the report, business statistics manager at Statictics New Zealand Louise Holmes-Oliver said, “Sales in the motor vehicle and automotive fuel industries recorded the largest increases. However, these were offset by decreases in three-quarters of the 20 core industries”.
Following the release of that data, the New Zealand dollar was up against its U.S. counterpart, with NZD/USD gaining 0.33% to hit a 27-month high of 0.7631.
In a report, Statistics New Zealand said retail sales were flat at a seasonally adjusted 0.0% in August, after falling by 0.5% in July, whose figure was revised up from a decline of 0.4%.
Analysts had expected retail sales to rise by 0.4% in August.
The report said that core retail sales, which excludes automobiles, fell unexpectedly, declining by a seasonally adjusted 0.6% in August, after falling by 0.1% in July.
Analysts had expected core retail sales to rise by 0.2% in August.
Commenting on the report, business statistics manager at Statictics New Zealand Louise Holmes-Oliver said, “Sales in the motor vehicle and automotive fuel industries recorded the largest increases. However, these were offset by decreases in three-quarters of the 20 core industries”.
Following the release of that data, the New Zealand dollar was up against its U.S. counterpart, with NZD/USD gaining 0.33% to hit a 27-month high of 0.7631.