Below trend growth to continue
NAB’s latest Data Insights report shows quite strong consumption spending leading into the Victoria shut down.
During these extraordinary times we have taken the decision to publish aggregated customer data categorised by industry segment with the view to helping provide clarity around which segments of the economy have been most affected by the broader macroeconomic trends at play. NAB takes data privacy very seriously. All customer transaction data has been aggregated and no individual’s data is specifically identified or analysed as part of this process. The data used in this report will not be sold or made publicly available, but insights from the data will be shared with the Australian people.
NAB’s latest Data Insights report shows quite strong consumption spending leading into the Victoria shut down. Spending was up 8% and higher in most states in the week ending July 4 compared to the same time last year, with key industries such as Retail and Construction leading the way. Spending on Accommodation & Food Services (the largest sector of the economy) has however levelled out. We have moved to reporting consumer data on a weekly year-on-year basis to identify turning points more quickly.
Payment inflows data was flat over the 4-weeks to July 4 (4-week average terms). The downturn in inflows into Corporates is gathering speed, with heavy falls also still being reported in Admin & Support Services, Hospitality and Transport, Postal & Warehousing. Inflows were strongest in Other Services, Education and Manufacturing.
For further details, please see NAB Data Insights 9 July 2020 Report.
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