Slow down in Retail sales
This week saw a somewhat predictable slow in retail sales. With sales slowing to just 5.1% year-on-year in March, down from 5.5% in February, it marks the third consecutive month of the downward trend. Although growth is still positive, if no momentum is found soon it could have an adverse effect on the economic recovery. That considered, an average growth of about 5% per month has been forecast throughout the year.
Consumer demand has grown in recent months, but high unemployment rates and reluctance to borrow are keeping sales slow. Growth in the sector is expected to remain slow for April with the spate of public holidays spread out through the month.
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Craig Ballantyne
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