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Australian Retail Sales Rise Past Expectations in August
Australian retail sales rose more than expected in August, data showed on Wednesday, as strength in the job market and elevated inflation spurred steady spending by consumers.
Data from the Australian Bureau of Statistics showed retail sales rose 0.6% in August from July to a record high A$34.88 billion ($22.39 billion), more than expectations for growth of 0.4%. The reading marked the eighth consecutive month of growth for retail sales, although the pace of growth slowed from the 1.3% rise seen in July.