Consumer spending, according to NAB’s transaction data, declined by 1.3% m/m in October. Estimated spending in September was, however, revised up, now showing an increase of 1.3% m/m. Retail spending also declined in October, by -0.7% m/m overall. • Discretionary and non-discretionary spending fell in the month. Both categories remain higher in three-month average and year-on-year terms. • Business credits picked up 0.9% m/m in October, or 1.2% when excluding mining and agriculture. Comments from NAB Chief Economist Alan Oster • “Our monthly transaction data showed a fall in spending in October across a number of ... (full story)