Retail sales in Australia advanced 0.7 on the month in August after no change in July, with year-over-year growth picking up from 2.3 percent to 3.1 percent. Performance was relatively even on a regional basis, with sales increasing close to the national average in all states and territories. Clothing and department stores sales recorded increases stronger than the headline increase, offset by a fall in sales of household goods. Officials noted that warmer-than-usual weather in many areas supported sales growth in August.

Retail sales in August are expected to increase 0.2 percent on the month after July's disappointing flat reading.

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.