Today's retail trade figures tell an interesting story ... the headline message appears to be one of an economy that grew through Q1 2012. The seasonally adjusted series for March 2012 compared with March 2011 grew 3.7 per cent. The trend series grew 3.5 per cent. This growth lends weight to the possibility of an upbeat GDP figure for Q1.
Though this is not a consistent picture. NSW, Tas and SA are a bit in the doldrums.Western Australia is going gangbusters. ACT is well into recovery mode.
In terms of sectors, most are doing well (especially over the last 6 months). Household goods is the only point of concern.