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ONLY CHARTS #363
Only Charts

ONLY CHARTS #363

Aus consumer spending, US labour market, US ISMs

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Antipodean Macro
Jul 04, 2025
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ONLY CHARTS #363
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1. The ABS’ household spending indicator, which covers nearly two-thirds of total consumer spending in Australia, rose a strong +0.9% m/m in nominal terms in May. This followed no net growth over March and April.

Average nominal spending in April and May was 0.5% above the March quarter average.

Growth in spending was strongest for discretionary categories which rose +1.1% m/m. This followed two monthly contractions.

2. Our weighted average of the US ISM new orders indices improved in June but remained at a level that historically has been associated with weak growth.

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