Australia Retail Sales Mom

Retail sales in Australia increased by 0.3% month-over-month in February 2024, slowing sharply from a 1.1% growth in the prior month and coming less than market forecasts of 0.4%, a flash figure showed. Sales in cafes, restaurants and takeaway food moderated (0.5% vs 1.4% in January) amid declines in trade of food (-0.1% vs flat reading), household goods retailing (-0.8% vs 2.1%), and other retailing (-0.4% vs 1.8%). By contrast, sales accelerated in department stores (2.3% vs 1.8%), and clothing, footwear and personal accessory retailing (4.2% vs 2.5%). Among states and territories, sales slowed in New South Wales (0.6% vs 1.0%), Victoria (0.7% vs 1.5%), South Australia (0.2% vs 1.7%), Western Australia (0.3% vs 0.8%), Northern Territory (0.7% vs 1.0%), and Australian Capital Territory (0.2% vs 1.3%). At the same time, retail turnover fell in Queensland (-0.5% vs 0.9%), and Tasmania (-0.4% vs 1.2%). Through the year to February, retail sales grew by 1.6%, the most in three months.