• Retail trade grew by 0.2% in April to be 3.2% higher through the year.
• Over the month of April, retail trade growth was strongest in clothing, food and cafes.
• Discounting in some retail trade categories is weighing on nominal retail trade growth.
• Gross company profits rose by 3% in QI, to be 0.2% lower than a year ago.
• Wages and salaries are 0.4% higher over QI (2.9% pa).
• Inventories fell by 0.6% over the quarter and will detract around 0.3ppts from QI GDP growth.
Retail trade rose by 0.2% in April, which was slightly below market expectations of an increase of 0.3% {CBA (f) 0.0%}. Retail trade is growing at 3.2% in annual terms, which is a bit below trend.
Click here to read the full report: Economic Research
Commonwealth Bank