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Australia Retail Sales Jump

Australia Retail Sales JumpAustralia Retail Sales Jump

Australia’s retailers enjoyed another jump in sales in October, an outcome that augers well for momentum in consumer spending going into the all-important Christmas shopping period, Reuters reported. The 0.5% rise for October beat market forecasts for a 0.3% uptick and marked the best three month period for sales since mid-2014. That was welcome news after a run of disappointing figures this week suggested the economy had all but stalled in the third quarter. The robust numbers will help allay concerns about the risk of a more marked slowdown, or even recession, following weak numbers on business investment and construction.

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