-- Australian retail sales rose by more than expected in May with spending largely driven by discounts in the face of elevated borrowing costs.US Allies Allege China Is Developing Attack Drones for Russia
From a year earlier, retail sales climbed 1.7%, still running well below the 4%-5% pace seen in early 2023 as rate rises and other cost-of-living pressures weigh on consumer spending. Figures last week showed a partial gauge of consumer prices rose by more than expected for a third straight month in May, prompting money markets to price in odds of a rate hike this year. At the same time, the labor market remains tight, with unemployment hovering around 4%.The RBA next meets on Aug. 5-6, with some economists predicting the RBA may tighten policy further to take the benchmark rate to 4.6% — a level not seen since October 2011.
Source: Loan Digest (loandigest.net)
Retail Sales Consumer Spending
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