Retail Sales Decrease 5.4% In March 2018
After adjusting for the retail sales rate of inflation, measured at 2.4% in March – the overall volume of retail sales contracted 5.4%, according to the recently released Retail Sales Index.
“Five of the seven retail sectors recorded declines in sales volume. The largest sales volume decrease was reported for motor vehicle retailers at 44.7%,” the report said.
Chart extracted from the report:
“In value terms, retail sales declined 3.0% to an estimated $93.1 million. Returning residents declared overseas purchases valued at $3.4 million, which was 8.1% lower than March 2017. This contributed to a combined local and overseas spending of $96.5 million.
“Excluding Sundays, there were 26 shopping days during the month, one less than in March 2017.”
The full 2018 March Retail Sales Index is below [PDF here]:
That there is because people aint’ buying what de plp are selling.
Isn’t this potentially disastrous?
That is a massive drop, even allowing for the 1 extra day.
Looks like the PLPs economic plan is beginning to take hold.