Australia – Retail Sales for February come in at a terrible miss, down 0.1% m/m
– expected +0.3%
– prior +0.4%
For the y/y, up 2.7%
Lowest since July of 2013
RBA Governor Lowe has been expressing concern over slow consumption growth, citing high debt levels as a constraint. Also slow wage growth. Retail is a big part of the domestic economy, today’s data point is bad news.