Australian retail sales data for March

For March, +0.4% m/m

  • expected +0.3% and prior revised higher to +0.1% m/m from flat

For Q1 (retail sales excluding inflation), +0.5% q/q

  • expected 0.7% and prior 0.6%

And now for the world's most boring graph:

--

ADDED - WPAC on the data today (in brief):

  • Overall the Q1 result shows real retail sales continue to track a subdued trend.
  • Note that this is of somewhat limited use as a guide for the broader consumer spending estimates in the national accounts - most recently the retail data failed to detect the pick-up in spending momentum over the second half of last year.
  • On balance though the Q1 result does suggest a slight softening in consumer demand early in the year particularly given reported declines in vehicle sales and fuel consumption and what is likely to be a smaller decline in household savings compared to Q4's big fall.