Retail sales in Australia fell 0.1 percent on the month in April after advancing 0.3 percent in March, with year-over-year growth slowing from 4.3 percent to 3.8 percent. Performance was mixed on a regional basis, with sales below the national average in the two most populous states, New South Wales and Victoria, but rebounding in the third most populous state, Queensland as stores reopened after severe floods. Household goods retailers and cafes and restaurants rose of the month, but these gains were outweighed by a further declines in clothing sales and sales for department stores.

Sales are expected up by another 0.3 percent after rising 0.3 percent in March.

Retail sales measure the total receipts at stores that sell durable and nondurable goods. The Retail Business Survey covers all employing retail trade businesses who predominantly sell to households.

With consumer spending a large part of the economy, market players continually monitor spending patterns. The pattern in consumer spending is often the foremost influence on stock and bond markets. For stocks, strong economic growth translates to healthy corporate profits and higher stock prices. For bonds, the focus is whether economic growth goes overboard and leads to inflation. Ideally, the economy walks that fine line between strong growth and excessive (inflationary) growth.

Retail sales not only give you a sense of the overall picture, but also the trends among different types of retailers. Especially strong apparel or electronics sales can indicate strength in those industries, for example. These trends from the retail sales data can help you spot specific investment opportunities, without having to wait for a company's quarterly or annual report.