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Australia's November Retail Sales Surge Amid Black Friday Deals, Rate Cut Outlook Unchanged

share-iconThursday, January 09 comment-icon3 weeks ago 12 views
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reutersREUTERS
Australia's November Retail Sales Surge Amid Black Friday Deals, Rate Cut Outlook Unchanged

Credited from: REUTERS

  • Australian retail sales experienced a significant increase of 0.8% in November, the highest rise in ten months, largely driven by Black Friday discounts.
  • The rise fell short of forecasts which anticipated a 1.0% increase, indicating that this boost may not hinder potential interest rate cuts.
  • Analysts believe that October's spending may have been shifted forward from December, suggesting the impact of seasonal sales is being misrepresented.
  • Despite an annual increase of 3.0% in retail sales, consumer spending growth has been below expectations, contributing to a dovish stance from the Reserve Bank of Australia.
  • The RBA is facing pressure due to slowing inflation and potential rate cuts, with markets predicting a 60-78% likelihood of a cut in February.

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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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