NAB’s Chief Economist, Alan Oster provides his thoughts on the Australian and Global economy.
Our monthly transaction data showed a pickup in spending in November, particularly in retail.
“Our monthly transaction data showed a pickup in spending in November, particularly in retail where the Black Friday sales clearly played a role. Before seasonal adjustment, our data suggest a 10% increase in goods retail spending, up from the 8.4% increase in November 2022.”
“Total spending was broadly unchanged in the month but this partly reflected falling fuel prices, with spending across discretionary categories picking up in the month.”
“Nonetheless, we know that household budgets are under pressure and some of the extra spending in November will likely translate into softer spending in December.”
For further details please see NAB Monthly Data Insights (November 2023)
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