Consumer spending, according to NAB’s transaction data, was broadly flat in March, with growth revised up to a small positive for February to see total spending up 1.5% across Q1 as a whole. • Retail spending declined 0.5% in the month (in seasonally adjusted terms), led by goods categories. • Business credits rose 0.6% m/m, or 0.7% excluding mining and agriculture. Comments from NAB Chief Economist Alan Oster • “Our monthly transaction data suggest spending was broadly steady in March but still shows a reasonable rise across the first quarter of the year overall.” • “Retail spending appears to have declined in ... (full story)