Did a recession just happen?

Retail sales were down for a second consecutive quarter. (Image: Depositphotos)

Fri, 26 Aug 2022

A fall in retail sales in the June quarter has taken economists by surprise, the latest piece of data to suggest that higher interest rates are beginning to slow economic growth.The figures from the retail trade survey show a 2.3% decrease in seasonally-adjusted retail sales volumes, the second consecutive quarter in which volumes have fallen.The retail sales volumes measure the actual number of goods and services sold, so are not impacted by inflation.Since the turn of the century, two consecutive decreases in retail sales volumes have reliabl...

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