Reply #105: Retail sales moribund in March with 5 per cent drop [View All]

http://www.news.com.au/money/money-matters/retail-sales-moribund-in-march-with-5-per-cent-drop-on-february/story-e6frfmd9-1226050495792

RETAIL sales figures struggled again in March, dropping by 5 per cent as consumers kept a tight hold on their wallets.

The adjusted official figures from the Australian Bureau of Statistics showed growth down five per cent on the February figure and are set to be a major disappointment to the industry, as most economists had predicted a five per cent rise.

The February figure was boosted by strong figures in Queensland, which was in immediate flood recovery mode, but these have tailed off and point to the economy strugling for growth overall.

The only consolation for stores continuing heavy discounting is that retail trade was slightly up on March 2010, increasing by a modest 0.8 per cent - not enough to bring the sector back to health.

Read more: http://www.news.com.au/money/money-matters/retail-sales-moribund-in-march-with-5-per-cent-drop-on-february/story-e6frfmd9-1226050495792#ixzz1LUhJZsua