Published:
Chart of the Day: Retail sales hurt by auto figures
Car sales in March grew by only 17.8% y-o-y in nominal terms compared to 73.6% in February.
HSBC Global Research noted:
The annual growth rate was dragged down by car sales, which grew by a "meager" 17.8% y-o-y in nominal terms (vs. 73.6% in February). However, car sales sped up sequentially, rising 4.8% m-o-m sa in nominal terms following a slight contraction (-0.5%) in February.
Excluding car sales, retail sales grew at a somewhat slower pace 6.5% y-o-y (vs. 8.6% in February) in nominal and 4.6% y-o-y (vs. 6.1% in February) real terms. However, sales ex cars accelerated 0.7% m-o-m sa (vs. -1.6% in February), although the picture was mixed by categories.
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