Westpac reported Australian retail sales posted another strong month with nominal sales up 0.6%mth in Aug following a similar gain in July. Through the year sales growth rose from a low of 1.4%yr in Jun to 2.1%yr in August, suggesting a modest 0.6%yr gain in per capital spending.
Talking to a mobile phone salesman yesterday, however, he said that state-wide they had a very quiet September. One has to be careful of seeking out evidence that supports your market view, but it occurred to me that mobile phone sales may be a good barometer of consumer sentiment.