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(CEP News) - Retailers in Australia fared better than economists had expected in November as sales remained positive against forecasts monthly sales would drop off.
Australia's seasonally adjusted retail sales increased 0.4% in November despite expectations for the reverse - a 0.4% decline. Shoppers spent more in cafés and restaurants during the month, and on food. Department store sales, on the other hand, fell by 1.8%. October's retail sales were upwardly revised to +1.0% from +0.7%, according to the Australian Bureau of Statistics report Wednesday morning (Tuesday night EST). The trend retail sales figure grew 0.1% month over month, as was expected and against the 0.2% increase seen in October. The Australian dollar has jumped about 40 points against the U.S. dollar on the positive report. By Megan Ainscow,
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