Retail in Asia

In Markets

Australia retail sales jump in Mar

Australia’s retail sales have posted their biggest jump in nearly a year, an encouraging end to the quarter amid industry hopes for a sustained pick-up after a surprisingly large interest rate cut last week.

Monday’s data showed retail sales rose 0.9 percent to AUD21.2 billion (usd21.54b) in March, handily beating forecasts for a rise of 0.2 percent as households spend more on eating out and shopping for clothing and footwear.

Sales for the first quarter were up 1.8 percent when adjusted for inflation, snapping a run of soft outcomes and well above forecasts for a 0.5 percent rise.