Retail sales rose 0.3% in March, falling short of estimates
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The news: Australian retail sales rose 0.3% in March following a 0.2% gain in February, according to new figures from the Australian Bureau of Statistics (ABS). Analysts had forecast a rise of 0.4%.
The numbers: Food retailing (0.7%) had the largest rise, alongside other retailing (0.7%). This was followed by a smaller increase in clothing, footwear and personal accessory retailing (0.3%). Household goods retailing was flat.
Cafes, restaurants and takeaway food services and department stores both fell by 0.5%.
Retail turnover rose in all states and territories, except for Queensland (-0.4%) as Ex-Tropical Cyclone Alfred negatively impacted spending.
The context: ABS head of business statistics Robert Ewing noted food-related spending in supermarkets and grocery stores were the main driver of growth during March, which saw retail spending continue to grow at a steady pace.
The source: ABS
