Rise in sales in retail sector predicted
1/05/2008(5:57 PM)
The retail sector is looking buoyant, with a predicted rise in sales for this month as consumer spending increases.
Bloomberg has reported that the lowest unemployment rate in 33 years has spurred the country's residents to spend more in the retail market.
Economists have predicted a 0.3 per cent rise from February, with the figures having fallen by 0.1 per cent last month.
Sevanth Sebastien, equities economist at the Commonwealth Bank of Australia, said: "It's not all doom and gloom for retailers."
The website reports that the jobless rate being at 4.1 per cent and increasing wages are helping the retail sector to rise again, which could be good news for those working in the sector.
Only ten of the 25 organisations question thought a drop would occur, with some others prediction a 0.7 per cent rise.
The actual results will be released by the Australian Bureau of Statistics tomorrow.
It was recently reported that the retail sector may benefit from changes to the student visa requirements, which automatically give people in education the right to work part-time.
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