Mixed signals – some risks from China’s incomplete recovery.
The latest Chinese economic data showed that its economy recovered in Q2, however the results were highly mixed – with a range of sectors still struggling. The uneven recovery has the potential to build on existing issues within the economy, which could have economic and social ramifications in the longer term.
For further details, please see the China Economic Update – August 2020.
Consumer stress is rising again with Australians wary about the outlook for the year ahead. Household pressures are set to ease but until then the mantra for many consumers appears to be, “Show me the money”!
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Total spending went up 0.6% m/m. Overall, total consumer spending increased 1.9% in 3-month average terms and 6.5% over the past 12 months.
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