Aussies’ retail spending falls

SYDNEY: Retail spending has fallen for three consecutive months, a sign that rising unemployment is weighing on consumer confidence.
Retail trade was down 0.2% in December, seasonally adjusted, well below expectations of 0.3% rise for the month.
The December result followed a 0.2% fall in November and a 0.1% fall in October, figures from the Australian Bureau of Statistics showed yesterday.
December spending was up in department stores, but down in cafes and restaurants, according to the ABS data.
Westpac senior economist Matthew Hassan said the figures show an underlying shift in consumer demand.
“We had a fragile consumer picture through the second-half of last year, particularly around mid year with a very significant rise in fears around job losses,” he said, and that may have come through to spending,” he said. – AAP