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The Australian Bureau of Statistics released its company gross profits data on Monday. Company gross profits in Australia dropped seasonally adjusted 4.7% in the first quarter, missing expectations for a flat reading, after a 3.6% decrease in the fourth quarter. The fourth quarter's figure was revised down from a 2.8% decline.
Sales of goods and services in the manufacturing sector dropped seasonally adjusted 0.3% in the first quarter, sales of goods and services in wholesale trade climbed 3.2%.
Inventories rose seasonally adjusted 0.4% in the first quarter, while wages and salaries increased 0.6%.
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