Australia’s retail sales drop 0.1% in April, a big miss (Aussie keeps lows)

Australia's consumption, as represented by retail sales, dropped in the month of April, missing estimates by a big margin, the Australian Bureau of Statistics (ABS) reported on Tuesday. The retail sales arrived at -0.1 percent month-on-month, compared to the forecast of +0.2 percent and down from previous month's reading of +0.3 percent. 

April Key Points (via ABS)

Current Prices 

“The trend estimate rose 0.2% in April 2019. This follows a rise of 0.2% in March 2019, and a rise of 0.2% in February 2019.

The seasonally adjusted estimate fell 0.1% in April 2019. This follows a rise of 0.3% in March 2019, and a rise of 0.8% in February 2019.

In trend terms, Australian turnover rose 2.9% in April 2019 compared with April 2018.

The following industries rose in trend terms in April 2019: Food retailing (0.4%), Cafes, restaurants and takeaway food services (0.4%), Other retailing (0.1%), Department stores (0.2%), and Clothing, footwear and personal accessory retailing (0.1%). Household goods retailing (-0.2%) fell in trend terms in April 2019.

The following states and territories rose in trend terms in April 2019: Queensland (0.5%), New South Wales (0.2%), Victoria (0.2%), South Australia (0.3%), the Northern Territory (0.1%), and the Australian Capital Territory (0.1%). Tasmania (0.0%) was relatively unchanged. Western Australia (-0.1%) fell in trend terms in April 2019.”

Separately, the Australian current account data for the first quarter was published that arrived at 2.9B vs. -2.5B expectations and -7.2B last.