Pessimism is washing over the retail sector as consumers cut back hard on non-essential items from fashion retailers to toy stores.
While the economy added a surprisingly strong 76,000 jobs last month, unpublished figures show clothing and stationery stores owned by Solomon Lew’s Premier Investments sales fell 20 per cent on a like-for-like basis in the last week of May from a year earlier, sources close to their preparation toldEamon Gallagher
On Friday, Westpac chief economist Bill Evans slashed the bank’s economic growth forecast after plugging in two more cash rate increases, from 4.1 per cent to 4.6 per cent. Last week Reserve Bank governor Philip Lowe pointed to “a substantial slowing in household spending” as a significant source of uncertainty for the economy.
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