Australia: Retail sales growth accelerates less than expected in March
Latest reading: Retail sales increased 0.3% month on month in seasonally adjusted terms in March (February: +0.2% mom s.a.), falling short of market estimates. Looking at the details of the release, food retailing sales gained traction and household goods sales dropped at a softer pace in March, outweighing sharper declines in sales for department stores plus cafes, restaurants and takeaway food services.
On an annual basis, retail sales returned to growth following February’s flat result, rising 3.2% in March. As a result, annual average retail sales growth rose to 2.8% in March (February: +2.6%), signaling an improving trend in the retail trade sector.