Australia's consumption, as represented by retail sales, improved in the month of April, beating estimates, the Australian Bureau of Statistics (ABS) reported on Monday. The retail sales arrived at 0.4 percent month-on-month, compared to the forecast of 0.2 percent and up from previous month's reading of 0.0 percent.
APRIL KEY POINTS (via ABS)
The trend estimate rose 0.3% in April 2018. This follows a rise of 0.3% in March 2018 and a rise of 0.3% in February 2018.
The seasonally adjusted estimate rose 0.4% in April 2018. This follows a relatively unchanged result (0.0%) in March 2018 and a rise of 0.6% in February 2018.
In trend terms, Australian turnover rose 2.6% in April 2018 compared with April 2017.
The following industries rose in trend terms in April 2018: Food retailing (0.4%), Household goods retailing (0.4%), Other retailing (0.2%), and Cafes, restaurants and takeaway food services (0.1%). Clothing, footwear and personal accessory retailing (-0.2%) and Department stores (-0.1%) fell in trend terms in April 2018.
The following states and territories rose in trend terms in April 2018: New South Wales (0.4%), Victoria (0.4%), Queensland (0.1%), the Australian Capital Territory (0.6%), the Northern Territory (0.7%), and Tasmania (0.2%). Western Australia (0.0%) was relatively unchanged. South Australia (-0.1%) fell in trend terms in April 2018.
Separately, the ABS also published the Australian company operating profits that came in at 5.9 percent q/q versus 3.0 percent expected and 2.2 percent last.
Meanwhile, Australia’s Q1 inventories arrived at 0.7 percent q/q versus 0.0% and 0.2 percent prior.
The Australian company operating profits and inventories data serve as the key input for the upcoming Australian GDP release due on the cards this Wednesday.
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