Australia retail sales slip more than expected

Sales slumped 2.7% last month, compared with an estimated 1.7% drop, Australian Bureau of Statistics data showed. — Bloomberg

SYDNEY: Australian retail sales tumbled more than expected in December, erasing the bumper gain of the previous month when consumers brought forward spending to take advantage of discounts like Black Friday.

Sales slumped 2.7% last month, compared with an estimated 1.7% drop, Australian Bureau of Statistics (ABS) data showed yesterday. The result was the weakest in a year.