Interview: Dipesh Karki on LenDenClub’s AI strategy, profit outlook, and regulatory challenges
Investing.com-- Australian retail sales shrank less than expected in December, as strength in the labor market and year-end holiday shopping kept consumer spending relatively strong.
Retail sales shrank 0.1% month-on-month in December, data from the Australian Bureau of Statistics showed on Monday. The reading was better than expectations for a drop of 0.7%.
Australian retail spending usually falls off in December after a strong November, as Black Friday discounting sees cost-conscious customers spend more. But this boost appeared to have spilled over into December, the ABS noted.
“Cyber Monday drove more spending on household goods as consumers took advantage of discounts on big ticket items,” Robert Ewing, ABS head of business statistics, said in a statement.
On a quarterly basis, retail sales grew 1% in the fourth quarter, indicating that spending remained robust.
While growth in Australian retail sales has slowed in recent years, amid pressure from high inflation and interest rates, they have still steadily trended higher, amid support from a robust labor market.
Steady retail spending has also mostly underpinned Australian inflation, giving the Reserve Bank more impetus to keep interest rates high for longer. But a recent, mild decline in inflation saw traders positioning for a February rate cut.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
Which stocks should you consider in your very next trade?
Successful investors know to check multiple angles before making their move. InvestingPro's three powerful features work together to give you that edge:
ProPicks AI runs 80+ stock-picking strategies, including Tech Titans, which doubled the S&P 500's performance in just 18 months!
Fair Value combines 17 proven valuation models to help you spot overpriced stocks and undervalued gems.
And WarrenAI delivers instant insights on any stock. Ask questions, get vetted answers backed by real-time data (unlike ChatGPT).
Our subscribers use all three to identify stocks before double-digit gains and avoid costly mistakes.
But with 55% during our early bird Black Friday Sale, even if you only use one of these features the value pays for itself.