Australian traders were pleasantly surprised by today’s official retail sales data, with the ABS posting significant growth in customer spending in January.
The 1.2 per cent surge was driven by a boom in dining out and food, with the latter category growing even after a 2.8 per cent jump in December.
Via UBS today:
This is good news for Australia’s “economy in transition”: the nation is moving away from its traditional reliance on mining and resources and needs jobs to be created elsewhere.
More retail spending could mean more jobs in the services sector, which has actually improved according to PSI data released yesterday.
According to the AiG, the Australian services sector grew in February, for the first time in more than 2 years.