Australia’s Retail Sales Rose in November

The retail sales of Australia showed up its largest monthly increase in four years in November due to purchase on Apple iPhones and Black Friday advertisements. This is considered a major growth for the economy that was recorded to be struggling with weak expenditures. The Australian dollar gained a third of U.S. cent to $0.7874 since the unexpected improvement helped negate consumers’ concerns that nearly reach permanent recession.

According to the data issued by the Australian Bureau of Statistics (ABS) on Thursday, retail sales surged by 1.2 percent from October to November with 0.5 percent expectation. This was three times higher than the market projections and regarded to be the sharpest increase since early 2013. Moreover, sales gained 2.9 percent a year earlier which recorded a  seasonally adjusted high  A$26.38 billion ($20.75 billion). The profits were driven by the major rise in household goods by 4.5 percent and 2.2 percent hike for other retailing. Household consumption boosted after its slowest growth in Q3 of 2008, however, affected the decent annual growth result of 2.8 percent