Money Australia retail sales go flat in March, take fizz out of economy

13:05  08 may  2018
13:05  08 may  2018 Source:   reuters.com

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Take a Tour. A flood of Australian data on Monday showed a disappointingly flat month for retail sales , lackluster labor demand and tame inflation, a combination that only added to expectations for a cut in interest rates this week.

American went out to eat more and made plenty of Internet purchases, but they cut back on gasoline, autos, home furnishings and Retail sales in March , meanwhile, were revised to show a stronger 1.1% increase instead of 0.9%. Damn the torpedoes — what could take the S&P 500 to 3,000.

a group of people walking on a sidewalk: A man carries several shopping bags as he walks along George Street in Sydney.© Reuters/Daniel Munoz A man carries several shopping bags as he walks along George Street in Sydney. Australia's retail sales were surprisingly soft in March with spending falling on everything from clothes to restaurants, in a sorry end to the quarter that underlined concerns about the health of household consumption.

Tuesday's figures from the Australian Bureau of Statistics showed retail sales were flat in March, which compared with analyst expectations for a 0.3 percent rise. After adjusting for inflation, sales edged up just 0.2 percent in the March quarter, again well short of the 0.6 percent forecast.

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According to the official figures it's retail sales workers who have the most common job in Australia . Census data shows there are 556,403 retail sales workers in the country. Mr Ravell said he couldn't see himself working on a flat salary.

Champagne Sales Expected to Fall Flat for Second Year in a Row. Though exports to new markets have been robust, there are a number of things taking the fizz out of champagne sales . The French economy is expected to have stagnant growth this year.

That augured ill for economic growth given annual retail sales of around $315 billion account for almost 18 percent of gross domestic product (GDP).

It was particularly disappointing as recent upbeat data on exports had suggested growth might have picked up smartly in the March quarter, an outcome that now looked in doubt.

"Conditions remain tough for bricks and mortar retailers, with weak wage and income growth, rising prices for essentials such as electricity, and increased competition all putting downward pressure on sales," said Sarah Hunter, head of Macroeconomics Australia for BIS Oxford Economics.

The poor retail news came just hours before the government of Prime Minister Malcolm Turnbull hands down an annual budget that is likely to be laced with pre-election sweeteners.

The Australian dollar fell back under US75 cents after retail sales stalled

  The Australian dollar fell back under US75 cents after retail sales stalled Australian retail sales stalled in March, coming in flat against forecast monthly growth of 0.2%. Quarterly retail sales also missed the mark, with growth of just 0.2% for the three months to March -- less than the 0.5% forecast.Currency markets have reacted and the Australian dollar is back under US75 cents for the first time in a week.Here's the price action on a five-minute chart:© Provided by Business Insider Inc AxiTrader's Greg McKenna told BI that last week's low of 0.7472 US cents now marks a key support level for the Aussie."In the very short term, yesterday’s low around 0.

Source: Australian Bureau of Statistic Australia Retail Sales MoM. Investing.com - The dollar slipped against the yen in Asia on Wednesday morning amid intensifying trade disputes between the U.S. and China which could hurt the global economy .

Australian Bureau of Statistics’ (ABS) data published on Thursday showed retail sales were flat in July, upsetting expectations for a 0.3 percent increase after a solid 1.8 Data out on Wednesday showed Australia ’s A.7 trillion economy expanded 1.8 percent last quarter from a year ago.

High on the giveaway list will be tax relief for low and middle income families, tax breaks for retirees and promises of more spending on infrastructure.

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Richard Lim, chief executive of Retail Economics , says experiences are about “what Amazon can’t do”. Recently, department store group John Lewis kitted out a fully furnished apartment in three of its stores. Customers could stay overnight and order dinner, while everything in the flat was for sale .

U.S. retail sales were unexpectedly flat in July, pointing to some loss of momentum in the economy early in the third quarter. Read MoreMacy's profit rises, but misses analysts' estimates. So-called core sales , which strip out automobiles, gasoline, building materials and food services, and

Any boost to household incomes would be welcome given anaemic wages growth, high mortgage debt and easing home prices are all sapping spending power.

This fragility was highlighted by the Reserve Bank of Australia (RBA) in its latest outlook for the economy. Governor Philip Lowe warned it was unlikely inflation would revive as desired unless wage growth also picked up meaningfully.

Some surveys have reported firms are finding it harder to find skilled labour, yet there are few signs of that translating into a broad-based acceleration in pay deals.

"We see growth holding a little below trend on average through 2018 and 2019 and, as a result, anticipate little progress on wages and inflation," argued Westpac chief economist Bill Evans.

"Combined with the broad-based softening of the housing market, there is little to no justification for a rate hike in 2018 or 2019."

Interest rates have already been stuck at a record low of 1.5 percent since August 2016, the longest steady stretch since the cash rate was first introduced in 1990.

Currently the futures market is not fully priced for a hike until August next year.

Australian retail sales were terrible in March, and they may have been even worse in April .
Australian retail sales were unchanged in March, a disappointing outcome after a solid increase in February. New data from the NAB points to the likelihood that sales fell in April.It added that "consumption had been relatively resilient to the slower growth in household income over recent years".

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