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AUSTRALIA DATA: Retail Spending Higher Than Expected, Trending Higher Again

AUSTRALIA DATA

October retail sales rose 0.6% m/m, stronger than expected, to be up 3.4% y/y, the highest growth rate since May 2023. 3-month momentum also increased. The ABS said that there was discounting ahead of November’s Black Friday sales to encourage consumers. In 2024 to date, only March saw a drop in retail sales. Rising real incomes and discounting have supported spending this year. The RBA seems firmly on hold for now and the start of easing may be at least almost six months away.

Australia retail sales %

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October retail sales rose 0.6% m/m, stronger than expected, to be up 3.4% y/y, the highest growth rate since May 2023. 3-month momentum also increased. The ABS said that there was discounting ahead of November’s Black Friday sales to encourage consumers. In 2024 to date, only March saw a drop in retail sales. Rising real incomes and discounting have supported spending this year. The RBA seems firmly on hold for now and the start of easing may be at least almost six months away.

Australia retail sales %

Keep reading...Show less