Australia: Retail sales growth picks up pace in March
Retail sales grew 0.4% month-on-month in seasonally-adjusted terms in March (February: +0.2% mom). The pickup was due to stronger food retailing sales. Meanwhile, household goods sales lost pace. Lastly, department stores sales decreased at a sharper rate, while cafes, restaurants and takeaway food services sales gained steam.
On an annual basis, growth in retail sales slowed to 5.6% in March from 6.5% in February.