The 0.3% m/m decline in retail sales was slightly weaker than consensus expectations and was mainly due to a 2.1% m/m decline in auto sales. More importantly, while the 0.1% m/m increase in control group sales was on the weak side in March, upward revisions to prior months mean that the balance of risks to our estimate that first-quarter real GDP growth was 1% annualised are now tilted slightly to the upside.
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