Growth, inflation and labour market all easing
Consumption growth continues to moderate in the new year, but remains positive overall.
In this podcast, NAB Chief Economist, Alan Oster gives you a 10 minute summary of our analysis of consumer spending.
Listen to the full podcast now. If listening on a mobile device, click listen in browser.
Our Data Insights report for the fortnight ending 6 February 2021 shows consumption growth continuing to moderate in the new year, but remaining positive overall. Overall consumption was up 5.9% (year-on-year) for the week ending 30 January and up 4.3% for the week ending 6 February. Retail is up 9.8% yoy, and hospitality (+2.8%) is also growing, but this is being driven by food. Accommodation, which was showing signs of recovery, has fallen back to levels not seen since November.
Business inflow data is rather more buoyant, with 6 week rolling average inflows showing a 14.3% yoy increase last week. This is the strongest result since last May, but unlike last year is not dependent on JobKeeper.
For further details please see NAB Data Insights 6 February 2021 report
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