Retail sales hurt by bushfire crisis, but no sign of coronavirus yet
4 years, 10 months ago

Retail sales hurt by bushfire crisis, but no sign of coronavirus yet

ABC  

Australia's summer bushfire crisis has led to a rough start to the year for retailers but the coronavirus has shown "no apparent impact" so far, according to the latest official figures. Key points: Bushfires were the main reason for retail sales dropping 0.3pc in January It comes after a weak December, with the ABS revising the result to an even lower -0.7pc The coronavirus has not significantly affected the official retail figures yet Retail turnover slipped by a worse-than-expected 0.3 per cent in January, seasonally adjusted, the Bureau of Statistics reported. This includes "the continued unwind of a pull-forward in sales associated with the 'Black Friday' sales event in late November and early December," said Westpac senior economist Matthew Hassan. "It's possible that panic buying of essential household items boosted food, pharmaceutical and toiletry sales, but we estimate that they account for just 14 per cent of consumption," said Capital Economics' senior economist Marcel Thieliant.

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History of this topic

The cost-of-living crisis is seeing retailers have near-constant sales, and experts say it's a warning sign for the economy
7 months, 1 week ago

The cost-of-living crisis is seeing retailers have near-constant sales, and experts say it's a warning sign for the economy

ABC  

After navigating her small business through the pandemic, Sara Crampton was confronted with a different challenge in April last year. "With how our business works, we're buying products six months ahead of time, so we couldn't quickly change our strategy," she told The Business. "At that point in time, you're not quite sure if you're the only business that's going …

Retail sales surge 0.7% in March as Americans seem unfazed by higher prices with jobs plentiful
8 months, 3 weeks ago

Retail sales surge 0.7% in March as Americans seem unfazed by higher prices with jobs plentiful

Associated Press  

NEW YORK — Americans boosted spending at a hotter-than-expected pace in March, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges. Retail sales rose 0.7% last month — almost double what economists had forecast — after rising 0.9% in February, according to Commerce Department data released Monday. This is one of the strongest retail sales reports we’ve …

Black Friday boosts retailers with sales surging in November despite fears of a tough Christmas for many shops
1 year ago

Black Friday boosts retailers with sales surging in November despite fears of a tough Christmas for many shops

Daily Mail  

Black Friday boosted shops last month with retail sales surging far more than expected. The ONS also revised data for October upwards, reporting that there was zero growth in retail sales rather than the 0.3 per cent fall previously estimated. Volumes were up 1.3 per cent in November as Brits sought out bargains, significantly better than the 0.4 per cent …

Retail sales rise solid 0.7% in September, reflecting US shoppers’ resilience despite higher prices
1 year, 2 months ago

Retail sales rise solid 0.7% in September, reflecting US shoppers’ resilience despite higher prices

Associated Press  

NEW YORK — Americans showed their steadfast resilience and kept spending online, at restaurants and other outlets in September even as they grappled with higher prices, rising interest rates and a host of other headwinds piling up. Tuesday’s sales figures aren’t adjusted for inflation, but the cost of goods barely rose last month, so the increased spending isn’t a reflection …

Retail sales dip 0.4% in February after buying burst in Jan.
1 year, 9 months ago

Retail sales dip 0.4% in February after buying burst in Jan.

Associated Press  

NEW YORK — America’s consumers trimmed their spending in February after a buying burst in January, underscoring the volatility of the economic environment. Still, it remains to be seen whether news coverage of bank failures and stock market gyrations will hurt consumer sentiment this month, writes Capital Economics’ Deputy Chief U.S Economist Andrew Hunter in a report issued Wednesday. The …

The risk of Australia entering recession has just risen
1 year, 11 months ago

The risk of Australia entering recession has just risen

ABC  

There are early signs Australia's economy is buckling under the strain of inflation and cost-of-living pressures. "As regards consumer spending specifically, a sharp curtailment due to higher interest rates and weaker house prices remains the major downside risk for the economy this year." Economists predict that despite recent drops in retail sales and house prices, the Reserve Bank will likely …

Australian retailers had a worse-than-expected Christmas as cost of living pressures bite
1 year, 11 months ago

Australian retailers had a worse-than-expected Christmas as cost of living pressures bite

ABC  

There are clearer signs that consumers are feeling the pain of high inflation and successive interest rate hikes as Australian retailers have posted their first drop in sales in almost a year. Key points: Retail turnover in fell 3.9 per cent in December Turnover rose 7.5 per cent, compared to December 2021 Markets have priced in an 84 per cent …

January retail sales surge 3.8% as consumers defy inflation
2 years, 10 months ago

January retail sales surge 3.8% as consumers defy inflation

Associated Press  

NEW YORK — Fueled by pay gains, solid hiring and enhanced savings, Americans sharply ramped up their spending at retail stores last month in a sign that many consumers remain unfazed by rising inflation. Retail sales jumped 3.8% from December to January, the Commerce Department said Wednesday, a much bigger increase than economists had expected. “Job growth is strong, wages …

COVID-19 case rise won't stop shoppers spending $21b during this year's Boxing Day sales, say retailers
3 years ago

COVID-19 case rise won't stop shoppers spending $21b during this year's Boxing Day sales, say retailers

ABC  

Australian shoppers are expected to spend $21 billion at retailers across the country during this year's Boxing Day sales, despite the surge in COVID-19 cases and rising concerns about the highly infectious Omicron strain. Australian Retailers Association research conducted with Roy Morgan predicts Australians will have spent $58.8 billion in pre-Christmas sales, and a massive $21 billion in post-Boxing Day …

September retail sales near pre-pandemic levels
3 years, 2 months ago

September retail sales near pre-pandemic levels

Deccan Chronicle  

Chennai: With festive cheer spreading, retail sales in September grew faster compared to the same month last year and was closer to the pre-pandemic level in September 2019. According to the Retailers Association of India, retail sales in September 2021 were at 96 per cent of the pre-pandemic levels of September 2019. When compared to September 2019, categories like consumer …

Retail trade slumps on COVID-19 lockdowns, ASX drops as oil prices hit three-year high
3 years, 3 months ago

Retail trade slumps on COVID-19 lockdowns, ASX drops as oil prices hit three-year high

ABC  

The Australian market has fallen sharply, as oil prices jumped to a three-year high and prolonged COVID lockdowns across the nation led to another slump in retail sales. Key points: The ASX 200 has dropped 3pc since the month began Retail turnover fell 1.7pc in August Brent crude has surged 52pc since January 1 The benchmark ASX 200 closed 1.5 …

UK retail sales fall sharply despite easing COVID pandemic curbs
3 years, 4 months ago

UK retail sales fall sharply despite easing COVID pandemic curbs

India TV News  

The UK's retail sales volumes fell by 2.5 per cent in July from June despite the easing of coronavirus restrictions, but still 5.8 per cent higher than the pre-pandemic levels in February 2020, the Office for National Statistics said. Food store sales volumes dropped monthly by 1.5 per cent in July, following an increase in the previous month when sales …

'This Was Bad': Retail Sales Suffer Big Chill In February Amid Stormy Weather
3 years, 9 months ago

'This Was Bad': Retail Sales Suffer Big Chill In February Amid Stormy Weather

NPR  

'This Was Bad': Retail Sales Suffer Big Chill In February Amid Stormy Weather Enlarge this image toggle caption Joe Raedle/Getty Images Joe Raedle/Getty Images Consumers put their pocketbooks on ice last month after a spending spree in January. A winter storm that blanketed much of the country's midsection last month was partly to blame, depressing demand for sporting goods, home …

Retail sales fell 1.1% in November, biggest drop in 7 months
4 years ago

Retail sales fell 1.1% in November, biggest drop in 7 months

Associated Press  

NEW YORK — Americans held back on spending during the start of the holiday shopping season, a troubling sign for retailers and the state of the U.S. economy. U.S. retail sales fell a seasonally adjusted 1.1% in November, according to the U.S. Commerce Department. The Commerce Department on Wednesday also revised October’s report, saying that retail sales fell 0.1% that …

Victorian jobs slump amid stage 4 coronavirus lockdown, but 'COVID recession' bites elsewhere
4 years, 4 months ago

Victorian jobs slump amid stage 4 coronavirus lockdown, but 'COVID recession' bites elsewhere

ABC  

Paula Evans, owner of boutique Tierra Alma in beachside Mordialloc, didn't need the Australian Bureau of Statistics to tell her about the epic economic pain of Melbourne's August lockdown. Key points: Payroll jobs fell 1 per cent around the nation, but 2.8 per cent in Victoria, in the month to August 8 Melbourne entered tough stage 4 coronavirus restrictions on …

As entire city centres risk turning into ghost towns, the government has to rethink how to protect jobs
4 years, 4 months ago

As entire city centres risk turning into ghost towns, the government has to rethink how to protect jobs

The Independent  

The wave of job losses is hitting the shore. The reason, of course, is the shift to online, which now accounts for more than 30 per cent of all retail sales, excluding fuel, up from 20 per cent pre-Covid. If the shift to online retailing is matched by the shift to working from home, then it will not just be …

American shopping is back to pre-pandemic levels. That’s a big deal
4 years, 4 months ago

American shopping is back to pre-pandemic levels. That’s a big deal

CNN  

New York CNN Business — Millions of Americans remain unemployed during the coronavirus pandemic and many are struggling to pay their bills. The milestone came in part because the Commerce Department revised June’s retail sales figures higher. “The retail sales figures are encouraging because they suggest the recovery has continued to grind on even in the face of the resurgence …

Covid-19 Pandemic Impact to be Severe, Prolonged for Aviation, Hospitality, Retail Sectors: ICRA
4 years, 4 months ago

Covid-19 Pandemic Impact to be Severe, Prolonged for Aviation, Hospitality, Retail Sectors: ICRA

News 18  

The coronavirus pandemic will significantly impact performance of companies and it is likely to be severe and prolonged for select sectors, especially aviation, hospitality and retail, according to ratings agency ICRA. As per ICRA analysis, the impact is likely to be severe and prolonged for select sectors, especially aviation, hospitality, retail and allied businesses," it said. The ratings agency, however, …

Rising coronavirus infections threaten US economic recovery
4 years, 5 months ago

Rising coronavirus infections threaten US economic recovery

Associated Press  

BALTIMORE — Rising coronavirus infections across dozens of states are threatening the U.S. economic recovery, forcing businesses and consumers to freeze spending and keeping the unemployment rate stubbornly high. A separate report showed that more than a million Americans sought unemployment benefits last week – a sign that companies continue to cut jobs as the virus slashes through the heavily …

Shopping centres forced to adapt as coronavirus leaves Australian retailers facing worst year
4 years, 5 months ago

Shopping centres forced to adapt as coronavirus leaves Australian retailers facing worst year

ABC  

Shopping centres have long been a part of Australia's urban culture but the threat of online sales, plus a pandemic-driven dent in consumer sentiment, means many are now in a fight for their lives. Key points: Economists say Australian retailers face their worst year on record Economists say Australian retailers face their worst year on record The coronavirus pandemic prompted …

Victoria's coronavirus lockdown won't help an economy that's being held hostage by a pandemic
4 years, 6 months ago

Victoria's coronavirus lockdown won't help an economy that's being held hostage by a pandemic

ABC  

The fate of the economy, at least as far as the eye can see, has been resting on how well the authorities can control the spread of coronavirus. He says the current unemployment rate is actually more like 11.5 per cent, despite Australian Bureau of Statistics figures showing the "headline" rate is a fraction over 7 per cent. "I think …

The coronavirus recession is like no other — and it risks becoming a chronic problem
4 years, 7 months ago

The coronavirus recession is like no other — and it risks becoming a chronic problem

ABC  

Forget what you know about recessions, this one is very different — and it may be chronic. That's not to say we're about to experience years of economic contraction or "negative growth" as economists like to say, but it's going to remain tough going for many Australians for years. This is the combination of two overbearing forces: an economy built …

US retail sales plunged a record 16% in April as virus hit
4 years, 7 months ago

US retail sales plunged a record 16% in April as virus hit

Associated Press  

BALTIMORE — U.S. retail sales tumbled by a record 16.4% from March to April as business shutdowns caused by the coronavirus kept shoppers away, threatened the viability of stores across the country and further weighed down a sinking economy. “It’s like a hurricane came and leveled the entire economy, and now we’re trying to get it back up and running,” …

UK facing significant recession due to coronavirus pandemic, says Rishi Sunak
4 years, 7 months ago

UK facing significant recession due to coronavirus pandemic, says Rishi Sunak

India TV News  

The UK faces a "significant recession", Chancellor of the Exchequer Rishi Sunak has warned after figures showed the country's economy shrank by 2 per cent in the first three months of the year due to the impact of the coronavirus-induced economic lockdown. The UK’s Indian-origin finance minister, who is at the forefront of the economic response to the coronavirus pandemic …

Coronavirus sent shockwaves through the Australian job market. Here are the numbers you need to know
4 years, 7 months ago

Coronavirus sent shockwaves through the Australian job market. Here are the numbers you need to know

ABC  

They're some of the first solid numbers on the impact COVID-19 restrictions are having on Australians' jobs, and they've been described as "devastating" and "terribly shocking" by Prime Minister Scott Morrison. Prime Minister Scott Morrison described the number as "terribly shocking, although not unanticipated", warning more dire employment numbers would follow Thursday's announcement. It's a drop of 2.4 per cent …

Coronavirus Outbreak: US economy shrinks at 4.8% in January-March quarter, first-time in six years; recession fear looms
4 years, 8 months ago

Coronavirus Outbreak: US economy shrinks at 4.8% in January-March quarter, first-time in six years; recession fear looms

Firstpost  

The US economy shrank at a 4.8 percent annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record Washington: The US economy shrank at a 4.8 percent annual rate last quarter as the coronavirus pandemic shut down much of the country and began …

Coronavirus restrictions to ease but not all retailers will be throwing open the doors
4 years, 8 months ago

Coronavirus restrictions to ease but not all retailers will be throwing open the doors

ABC  

While the Queensland Government may have given non-essential shopping the green light, a number of retailers are approaching opening this weekend with caution. "We're really excited to get our stores back up and running, it'd be so lovely to see our customers coming into the store again," she said. "I think the announcement is positive, but I wouldn't expect to …

COVID-19 stimulus may not provide the hoped for boost as JobKeeper tensions mount
4 years, 8 months ago

COVID-19 stimulus may not provide the hoped for boost as JobKeeper tensions mount

ABC  

After weeks of chaos, mass lay-offs and scenes of desperation as thousands queued outside Centrelink offices for government relief, the money finally will start to flow via JobSeeker. Stay up-to-date on the coronavirus outbreak Download the ABC News app and subscribe to our range of news alerts for the latest on how the pandemic is impacting the world JobKeeper tensions …

Evidence of coronavirus' effect on US economy grows more ominous, will shrink 7% in 2020, predict economists
4 years, 8 months ago

Evidence of coronavirus' effect on US economy grows more ominous, will shrink 7% in 2020, predict economists

Firstpost  

Retail sales—a primary driver of the US economy—are almost surely suffering further during April because business shutdowns will have been in effect for the entire month, compared with just half of March Washington: Evidence of the coronavirus’ devastating impact on the US economy has been steadily emerging, and the signs have grown ominous. Retail sales—a primary driver of the US …

Australian shares follow Wall Street lower as US economy faces deep recession because of coronavirus
4 years, 8 months ago

Australian shares follow Wall Street lower as US economy faces deep recession because of coronavirus

ABC  

The Australian share market has closed lower, after oil prices dropped to the lowest level in 18 years and economists ramped up warnings about the impact of coronavirus on the US economy. Key points: The Australian share market has closed lower, following a weak lead from Wall Street The decrease in US retail sales in one month was almost equal …

Australia unlikely to experience 'post-war' recovery after coronavirus
4 years, 8 months ago

Australia unlikely to experience 'post-war' recovery after coronavirus

ABC  

So far, so good. According to research by consultancy firm AlphaBeta — run by Andrew Charlton, Kevin Rudd's adviser through the global financial crisis — the stimulus program has already arrested the alarming decline in discretionary spending that rocked the economy during the last week of March. Spending per person plummeted an incredible 13 per cent below normal levels in …

How supermarkets rose to coronavirus challenge
4 years, 9 months ago

How supermarkets rose to coronavirus challenge

The Telegraph  

A couple of weeks ago, when finding a lone packet of spaghetti felt like a small victory, Tesco’s chief executive asked head office staff to go into stores and help stack empty shelves if they could. Having enough staff to deal with the deluge of panicked shoppers descending into stores to fill their cupboards, as the country went into lockdown, …

Coronavirus sees retail sales rise in February as Australians stockpiled groceries and pharmaceuticals but clothing sales fell
4 years, 9 months ago

Coronavirus sees retail sales rise in February as Australians stockpiled groceries and pharmaceuticals but clothing sales fell

ABC  

Retail sales rose in February but the devil was in the detail, with the impact of the coronavirus pandemic already evident, and economists warning that a short-term boost from panic buying and stockpiling will not last. Key points: The ABS says retail turnover rose 0.5 per cent in February Supermarket and grocery store sales rose 1.1 per cent and department …

Coronavirus recession now expected to be deeper and longer
4 years, 9 months ago

Coronavirus recession now expected to be deeper and longer

LA Times  

The Pike in Long Beach -- normally crowded with weekend shoppers, diners and moviegoers -- is almost completely deserted on Saturday, March 21. “You may well see significant rises in unemployment and significant declines in economic activity, but there can also be a good rebound on the other side of that,” he said in a rare television appearance last week. …

Coronavirus hit almost half of Australian businesses even before social distancing, ABS reveals
4 years, 9 months ago

Coronavirus hit almost half of Australian businesses even before social distancing, ABS reveals

ABC  

Almost half of Australian businesses surveyed by the Australian Bureau of Statistics say they have experienced an adverse impact as a result of COVID-19. The ABS said the adverse impacts were most prevalent in accommodation and food services, with over three-quarters of businesses already reporting impacts and 96 per cent reporting that they expected impacts in coming months. The ABS …

Coronavirus isn't causing Australia to run out of food — but why are shelves still bare?
4 years, 9 months ago

Coronavirus isn't causing Australia to run out of food — but why are shelves still bare?

ABC  

Until a couple of weeks ago — before the coronavirus crisis — the biggest queues you would probably expect to see at supermarkets were at checkouts, as people lined up to leave. "I think a lot of consumers — they worry that something won't be available, and so they don't really understand what goes behind the shelf," Associate Professor Simpson …

Retailers were struggling. Then came the coronavirus
4 years, 9 months ago

Retailers were struggling. Then came the coronavirus

CNN  

New York CNN Business — Thousands of American stores and malls were facing intense pressure. “Many retailers are already stressed and hanging on by a thread.” Although stores are closed temporarily and retailers have pledged to pay their workers in the coming weeks, companies may wind up shutting storefronts for good and laying off employees if the pandemic extends for …

Australia coronavirus outbreak: PM warns of ‘once-in-100 year’ crisis
4 years, 9 months ago

Australia coronavirus outbreak: PM warns of ‘once-in-100 year’ crisis

CNN  

Brisbane, Australia CNN — Australian Prime Minister has warned people to “stop hoarding,” as shoppers across the country empty supermarket shelves amid rising alarm over the rapid spread of the novel coronavirus, which has infected almost 180,000 people worldwide. Some fear the rapid rise in coronavirus cases suggest that Australia’s normally robust health system could be overwhelmed, like Italy’s where …

Economic paralysis: Coronavirus slams brakes on China economy
4 years, 9 months ago

Economic paralysis: Coronavirus slams brakes on China economy

Al Jazeera  

Everyone knew the coronavirus outbreak was hurting China’s economy. Urban investment and retail sales also fell sharply for the first time on record, reinforcing views that the epidemic may have cut China’s economic growth in half in the first quarter. Industrial output fell by a much worse-than-expected 13.5 percent in January-February from the same period a year earlier, the weakest …

The coronavirus will slam the brakes on California’s economic growth, study says
4 years, 9 months ago

The coronavirus will slam the brakes on California’s economic growth, study says

LA Times  

California’s economic growth will slow this year as unemployment rises and job creation weakens as a result of the coronavirus outbreak, according to a UCLA forecast released Thursday. “Prior to the outbreak of the COVID-19 epidemic we were optimistic about the California economy,” wrote Jerry Nickelsburg, director of the Anderson School of Management forecast, noting that unemployment in December stood …

Australia's economy was not in perfect health before the bushfires and coronavirus
4 years, 9 months ago

Australia's economy was not in perfect health before the bushfires and coronavirus

ABC  

The Reserve Bank of Australia knows part of its job is to keep confidence high. For evidence, he cited RBA governor Philip Lowe, who said in September last year that Australia's economy seemed to have reached a "gentle turning point" after a soft patch in 2018. They say household consumption — which makes up 56 per cent of the economy …

Coronavirus may be the threat, but the uncertainty it's creating could really cost the economy
4 years, 10 months ago

Coronavirus may be the threat, but the uncertainty it's creating could really cost the economy

ABC  

It's time to worry. Lowe says it's too early to say, but economists warn much of the economic damage that has already occurred won't show up in the national statistics until the June quarter data. If Australia's economy contracts in the March and June quarters, it will record two consecutive quarters of negative growth — a technical recession. Wasn't the …

Coronavirus to hamper global smartphone sales by 7% in Q1: Report
4 years, 10 months ago

Coronavirus to hamper global smartphone sales by 7% in Q1: Report

Live Mint  

New Delhi: Although factories are beginning to ramp up production slowly, the first quarter smartphone sales are likely to hit by over 20 per cent in China in the first quarter, resulting in global sales going down at least 7 per cent compared to same period last year, a new report said on Thursday. "While factories are anxious to ramp-up …

Outbreak brings challenges, offers future opportunities to retail sector: Survey
4 years, 10 months ago

Outbreak brings challenges, offers future opportunities to retail sector: Survey

China Daily  

A consumer buys vegetables at a grocery store in Zhengzhou, capital of Henan province, on Feb 6. The outbreak of the novel coronavirus epidemic though weighing down China's retail industry, especially brick-and-mortar retailers, also brings new opportunities to the sector, a report by the global measurement and data analytics company Nielsen showed on Thursday. Nielsen compiled research covering key retail …

Australia's economy beats expectations ahead of bushfire, coronavirus impacts
4 years, 10 months ago

Australia's economy beats expectations ahead of bushfire, coronavirus impacts

ABC  

Australia's economy grew by a better-than-expected 0.5 per cent in the December quarter and 2.2 per cent over the past year, according to the Bureau of Statistics. Key points: Australia's GDP growth decelerated from 0.6 per cent in the September quarter to 0.5 per cent in the three months to December But the result was better than most economists forecast, …

Coronavirus fears prompt shoppers to stock up on essential items, stripping supermarket shelves
4 years, 10 months ago

Coronavirus fears prompt shoppers to stock up on essential items, stripping supermarket shelves

ABC  

Across the country supermarket shelves are being stripped bare as Australians start stocking up on essentials, should a coronavirus pandemic be officially declared. Key points: Items like tinned food, toilet paper and medical supplies are being stockpiled Experts recommend adding long-life and essential items to a "pandemic stash", rather than panic buying Those suffering from medical conditions are recommended to …

Retail slump 'off the scale' as stunted wage growth and bushfires turn shoppers off
4 years, 10 months ago

Retail slump 'off the scale' as stunted wage growth and bushfires turn shoppers off

ABC  

The last few months have been the worst on record for some Australian retailers, like homewares chain Ishka, which went into administration last week. Key points: Ishka CEO Toby Darvall says "a perfect storm" of conditions has made things incredibly tough for Australian retailers He said consumers have not been spending due to the bushfires plus concerns about job security, …

How the coronavirus could spark a severe slowdown or recession in America
4 years, 10 months ago

How the coronavirus could spark a severe slowdown or recession in America

CNN  

New York CNN Business — The longest economic expansion in American history has survived an unprecedented trade war, a catastrophic tsunami in Japan and a severe crash in oil prices. If the American consumer loses faith, and the coronavirus will be a real test of faith, then a recession is going to happen.” Mark Zandi, chief economist at Moody's Analytics …

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