Australia: Retail sales continue on downward spiral in March
May 9, 2017
Nominal retail sales in March contracted 0.1% month-on-month in seasonally adjusted terms, a marginal improvement on the 0.2% contraction in February. The drop was driven by lower sales of household goods and clothing, footwear and personal accessory sales, which offset gains in food retailing sales.
On a year-on-year basis, however, retail sales expanded 2.4% in March, contrasting the 0.5% contraction registered in February. Annual average growth in retail sales fell from 3.1% in February to 2.9% in March.
Author: Christopher Mc Innes, Economist