11 Aug 2009

Retail spending slowly rising

3:16 pm on 11 August 2009

There are more signs of a slow recovery in retail spending.

Statistics New Zealand says the value of spending in core retail industries, which excludes spending on cars and fuel, rose a seasonally adjusted 1.1% in July.

The data reveals the seasonally adjusted value of all electronic card transactions rose 1.2% to $4.8 billion in the month.

Electronic card spending has increased since January but the agency says the growth rate for the retail series has flattened.

Bank of New Zealand senior economist Craig Ebert says July's gains have clawed back a fall recorded in June.

Mr Ebert says further figures due later this week may reveal stronger than expected retail sales volumes in the three months to June.