Total retail takings fell by 0.5 per cent compared with September last year, a sharp deterioration from August's growth of 3.7 per cent. ST
Retail sales fell in September - the first decline in six months and a sharp reversal on August thanks mainly to a lacklustre motor vehicle market. Total takings in the sector fell by 0.5 per cent compared with September last year. This was a sharp deterioration from August's growth of 3.7 per cent, which was revised up from 3.5 per cent previously.
That revised number was the strongest expansion since March last year and the sixth consecutive month of increase. September's figure from the Department of Statistics yesterday was also much lower than economist estimates of a 3 per cent growth in an earlier poll by Bloomberg.
However, Standard Chartered economist Jonathan Koh said the poor headline figure was expected, given earlier data showing that prices of certificates of entitlement (COE) and vehicle registrations had fallen.
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