The Australian Bureau of Statistics (ABS) has just released retail sales figures for the month of March, which registered a seasonally-adjusted -0.4% decrease over the month versus an expected 0.5% rise. Annual sales growth clocked in at 3.2% (3.4% trend):
Retail sales have been relatively weak in the southern states and territories and relatively stronger in the resource states, with sales in New South Wales also strong, but Northern Territory weakening:
Finally, performance across the key components has also been mixed, with food retailing and cafes, restaurants & takeaway foods experiencing solid growth over the year, whereas clothing, footwear & personal accessories and other retailing sales have been weak (see next chart).
In reality, the retracement in retail sales wasn’t all that surprising given last month’s exceptionally strong result.
