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Underlying Retail Sales Weak

AUSTRALIA DATA
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Retail sales in February rose 0.3% m/m, slightly less than expected, to be up 1.6% y/y after +1.1% m/m and 1.2% y/y in January. Spending remains soft though looking through recent volatility and 3-month momentum continued to deteriorate and is now negative. February was boosted by Taylor Swift’s concerts which drove a 4.2% m/m and 0.5% m/m increase in clothing & footwear and restaurant & café sales respectively. Trend retail sales rose 0.1% m/m and household goods fell 0.8% also indicating soft underlying consumption. Recent robust spending on eating out and big events show that people are still prepared to consume for special occasions.

Australia retail sales $mn

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Retail sales in February rose 0.3% m/m, slightly less than expected, to be up 1.6% y/y after +1.1% m/m and 1.2% y/y in January. Spending remains soft though looking through recent volatility and 3-month momentum continued to deteriorate and is now negative. February was boosted by Taylor Swift’s concerts which drove a 4.2% m/m and 0.5% m/m increase in clothing & footwear and restaurant & café sales respectively. Trend retail sales rose 0.1% m/m and household goods fell 0.8% also indicating soft underlying consumption. Recent robust spending on eating out and big events show that people are still prepared to consume for special occasions.

Australia retail sales $mn

Keep reading...Show less