ONLY CHARTS #363
Aus consumer spending, US labour market, US ISMs
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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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