From CBA:
Broad-based spending gains Commonwealth Bank Business Sales Index
According to the Commonwealth Bank Business Sales Indicator (BSI), growth in economy-wide spending grew by 0.3 per cent in trend terms in January – in line with the decade average.
The modest lift in the BSI is January compares with trend growth of 0.4 per cent in December and growth of 0.5 per cent in November. The annual trend growth moderated from 7.3 per cent to 7.1 per cent in January although this remains well above the decade-average of 4.8 per cent.
The more volatile seasonally adjusted estimate of spending rose by 0.6 per cent in January after rising by 0.9 per cent in December. Annual growth lifted from 7.4 per cent to 7.6 per cent – well above the long-term average.
The Commonwealth Bank BSI is obtained by tracking the value of credit and debit card transactions processed through Commonwealth Bank merchant facilities. The BSI covers spending broadly across the economy rather than just retail sales, including spending on automobiles, personal services and airlines.
Some boom isn’t it? The index is now below where it was in the lead up to the Rudd/Abbott election. The RBA/Treasury/Turnbull economic plan of “lying” our way to prosperity is failing.
