August Retail Sales Rise 0.5%, Liquor 19.6%
Retail sales in August 2012 rose 0.5% above the $84 million recorded in August 2011, with liquor stores leading the way with a 19.6% jump in sales. The report attributes the jump in liquor sales to the Cup Match Holiday.
Residents returning to the Island declared overseas purchases of goods valued at $7.1 million during August 2012, which was 5.3% — or $400,000 — less than the $7.5 million declared in August 2011.
Combined local and overseas spending totaled $91.5 million. After adjusting for the annual retail sales rate of inflation, measured at 3% in August 2012, the volume of retail sales fell by 2.5%.
The full report is below [PDF here]:
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Articles that link to this one:
- Retail Sales Rise 0.8%, Liquor Sales Up 25.5% | Bernews.com | November 21, 2012
Ouch. These are the “peak” months of the Bermuda economic year.
Soo… Despite the OBA’s best attempts to layoff people (Grant Gibbons – Capital G) and outsource people (Bob Richards – Key Tech) retail sales are up for 4 straight months.
Not much to crow about, but at least they aren’t still going DOWN.. Light at the end of the Tunnel maybe!
I have to say I agree (about your latter point; not your point about Grant Gibbons and Bob Richarss). This is much like the US’s latest unemployment figures—nothing to cheer about, but at least things are trending in the right direction. However, I have to wonder if these figures are keeping pace with inflation. Anyone know?
Maybe I should have read the rest of the report! I have my answer…
but once you start analyzing the data:
in August, food and liquor store saw a major increase…
AND EVERYTHING ELSE SAW A MASSIVE DECREASE.
people are buying essentials and can’t afford anything else.
The key bit to take away is that sales are down 2.5% when adjusted for inflation. The real effect is in the inflation adjusted number.
Sales are still falling.
Ride
Why oh why bernews do you keep missing the point on these retail sales updates. The headline should reflect the inflation adjusts number otherwise it is entirely misleading. Sales were DOWN 2.5 % but you wouldn’t think so reading the headline…ignore the publication headline and highlight what is relevant.
Why didn’t you mention Burt construction? That closed in July and had 20 employees.
Oh wait, I know why you didn’t mention them.
Yes they are going down, adjusted for inflation sales are -2.5% for the month. OBA does not bring austerity, but PLP brings poverty. Minus 2.5% on the month. So tax revenue down, so income to pay running expenses for Bermuda down, therefore deficit grows and need to borrow more to pay for expenses increases. The PLP are killing us and our futures. If you can’t see it, you must be on the PLP payroll
Read the report closely….retail sales drop…building materials drop….alcohol up 19%…strong enough to raise all sales….indicator of of other underlying issues my friend.
da rich get richa while da poor get drunk….tsk tsk tsk.
Bermuda drowning its problems with booze.
The politics here would drive any non drinker to drink.