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.
“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.
Source : Fxstreet