Retail sales in Australia rose 0.6 percent on the month in May after advancing 0.1 percent in April, with year-over-year growth picking up from 1.3 percent to 1.7 percent. With the Australian financial year ending at the end of June, officials noted that sales growth was supported by end-of-year promotions and sales events taking place relatively early and relatively large discounting.

Performance was mixed on a regional basis, with sales falling on the month in the most populous state, New South Wales, but increasing in the two next most populous states, Victoria and Queensland. Sales rose above the headline pace for food, clothing, and household goods, partly offset by a decline in department store sales.

Retail sales in May are expected to increase 0.3 percent on the month after April's weaker-than-expected 0.1 percent increase.

Retail sales measure the total receipts at stores that sell durable and nondurable goods. The Retail Business Survey covers all employing retail trade businesses who predominantly sell to households.

With consumer spending a large part of the economy, market players continually monitor spending patterns. The pattern in consumer spending is often the foremost influence on stock and bond markets. For stocks, strong economic growth translates to healthy corporate profits and higher stock prices. For bonds, the focus is whether economic growth goes overboard and leads to inflation. Ideally, the economy walks that fine line between strong growth and excessive (inflationary) growth.

Retail sales not only give you a sense of the overall picture, but also the trends among different types of retailers. Especially strong apparel or electronics sales can indicate strength in those industries, for example. These trends from the retail sales data can help you spot specific investment opportunities, without having to wait for a company's quarterly or annual report.