Australia: Retail sales unexpectedly contract in April
Latest reading: Retail sales fell 0.1% month on month in seasonally adjusted terms in April (March: +0.3% mom s.a.), defying market expectations for an expansion. Looking at the details of the release, food retailing sales swung into contraction, and department store sales declined at a sharper pace, outweighing recoveries in sales for household goods plus cafes, restaurants and takeaway food services.
On an annual basis, retail sales picked up pace, rising 4.0% in April compared to March’s 3.2% increase. As a result, annual average retail sales growth rose to 3.0% in April (March: +2.8%), signaling an improving trend in the retail trade sector.