Australia: Monthly retail sales pick up in March
May 5, 2016
Nominal retail sales climbed 0.4% in March over the previous month in seasonally-adjusted terms, up from the 0.1% increase recorded in February. The figure marginally overshot market expectations of a 0.3% rise. Retail volumes for clothing, footwear and personal accessories as well as for food grew the most, while department stores and takeaway food restaurants showed the weakest readings.
On a year-on-year basis, the pace of growth in retail sales fell sharply from 6.8% in February to 3.7% in March. As a result, annual average growth in retail sales in Marched inched down from 4.4% in February to 4.3%.
Author: Robert Hill, Economist