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Last week’s highlights
Australia Retail Sales Rise in June
Retail sales in Australia continued to expand, albeit at a slower pace in June. Data showed that retail sales grew at a pace of 2.4% in June, comparing to the 16.9% increase in May.
On a year over year basis, the figures grew 8.2%. The gains came mostly on an increase in cafes and restaurant spending, clothes, and footwear. While there were some restrictions on trade during the month, most of the businesses were operating normally.
Food retail sales rose 0.9% but household goods fell during the month.
US Consumer Sentiment Falls in July
The latest report on consumer sentiment, as measured by the University of Michigan saw a drop in July. The preliminary report showed that consumer sentiment fell to 73.2 in July following a rise to 78.1 in the month before.
The pullback fell short of expectations which showed that economists expected the index to rise to 79.
The decline in the sentiment comes amid an economic uncertainty for Ame...
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