UOB Group’s Suan Teck Kin, CFA, and Associate Economist Jester Koh assess the recently published Retail Sales readings in Singapore. Key Takeaways Sin
gapore’s retail sales rose 4.0% y/y, higher than Bloomberg’s consensus of 0.9% y/y and Jul’s revised reading of 1.3% y/y. On a seasonally adjusted sequential basis, retail sales rose 1.7% m/m in Aug, the second consecutive month of expansion recorded . Excluding motor vehicle sales, retail sales increased 1.9% m/m , translating to a y/y print of 3.7% in Aug . In nominal terms, the value of retail sales rose to SGD4.01bn .
The labour market remains tight by historical standards while still rising employment and resilient wage growth could keep domestic consumption demand supported in the near term. On 28 Sep 2023, the government announced a SGD1.1bn Cost-of-Living Support Package , with a concurrent SGD0.8bn top-up to the Assurance Package bringing the total allocation under the AP to over SGD10bn.
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