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Australian Retail Sales Beat Expectations, But Lasting Recovery Unlikely
Wednesday, 07 January 2009 03:05:57 GMT
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Australian Retail Sales surprised to the upside, adding 0.4% in November. Spending on food rose 1.8% and restaurants receipts added 7.6%, leading the metric higher. A series of aggressive interest rate cuts (totaling 3% since September), a fiscal stimulus package worth A$10.4 billion, and a sharp drop in oil prices (down nearly 70% to date since peaking in July) have all contributed to breathing some life into consumer activity. That said, traders are unlikely to see much follow-through in the months ahead as rising unemployment weighs on disposable incomes and prompts pre-emptive saving in preparation for a leaner period ahead.
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