May 19, 2011
Source: www.news.com.au
By Garry Shilson-Josling
AN indicator of spending in the Australian economy has fallen for the 17th consecutive month, highlighting the patchiness of the Australian economy.
The Commonwealth Bank of Australia business sales indicator (BSI) posted a fall of 0.2 per cent in trend terms in April.
The BSI is derived from the value of credit and debit card transactions processed through the bank's merchant facilities.
Craig James, chief economist at the bank's broking arm, CommSec, warned that the unusually late timing of Easter may have affected the seasonal adjustment and therefore the trend measure that was based on the adjusted sales data.
The retail sector was the weakest, with a trend rate of decline of 1.4 per cent per month, although it was one of only four sectors out of 20 that showed a downward trend in April.
Excluding retailing, the overall trend was upwards, at the rate of 0.3 per cent per month, the strongest for just under a year and a half.
To read the full story, follow this link: www.news.com.au/business/breaking-news/business-sales-retail-spending-down-study/story-e6frfkur-1226058675201
