Retail spending rose by 28% in the September quarter. That more than offset the fall in spending seen through the June quarter, when sales were restrained by the lockdown of the economy and related activity restrictions. The September quarter rise was well above our forecasts for a 17% rise and higher than all other market forecasts. Today’s result adds to the upside risks to our forecasts for a rebound in September quarter GDP (we’re currently forecasting a 12% rise). However, the lift in spending was accompanied by a rundown in stocks, consistent with anecdotes of shortages in many areas. That moderates some of the ... (full story)