Australia's retail sales surprise to the downside in April
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Australia's April retail sales came in at -0.1% m/m vs 0.3% expected and -0.2% (revised lower) last, while retails sales ex-inflation q/q for Q1 arrived at 0.1% versus 0.50% expected and 0.90% previous.
Key Points:
Retail sales - current prices
The trend estimate was relatively unchanged (0.0%) in March 2017. This follows a rise of 0.1% in February 2017 and a rise of 0.1% in January 2017.
The seasonally adjusted estimate fell 0.1% in March 2017. This follows a fall of 0.2% in February 2017 and a rise of 0.5% in January 2017.
In trend terms, Australian turnover rose 2.5% in March 2017 compared with March 2016.
The following industries rose in trend terms in March 2017: Food retailing (0.1%) and Other retailing (0.2%). The following industries fell in trend terms in March 2017: Household goods retailing (-0.3%), Clothing, footwear and personal accessory (-0.3%), and Department Stores (-0.1%). Cafes, restaurants and takeaway food services was relatively unchanged (0.0%)
The following states and territories rose in trend terms in March 2017: New South Wales (0.1%), Victoria (0.1%), South Australia (0.3%), and the Australian Capital Territory (0.1%). Queensland (-0.4%), Western Australia (-0.1%), the Northern Territory (-0.3%), and Tasmania (-0.1%) fell in trend terms in March 2017.
Retail sales - volume measures
In volume terms, the trend estimate for Australian turnover rose 0.3% in the March quarter 2017.
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