Overview

• Consumer spending, according to NAB’s transaction data, rose 1.0% m/m in January (seasonally adjusted), reversing the fall in December. Retail spending also rebounded in January, up 1.6% in seasonally adjusted terms.

  • Discretionary and non-discretionary spending both rose in the month, with goods spending rising overall while services spending was broadly steady.

  • Business credits declined -2.7% m/m in January but remained up 5.1% y/y.

Comments from NAB Chief Economist Alan Oster

“Our monthly transaction data showed rise in spending in January in seasonally adjusted terms, driven by a rebound in

retail spending after the fall seen in December.”

“Changes in seasonal patterns continue to be a source of uncertainty, as well as the impact of prices on these nominal estimates, but the pickup in January is nonetheless an encouraging sign.”

For further details please read the full report January 2024 NAB Monthly Data Insights