Beware credit card consumption measures

Tuesday 26 May 2020

Via the AFR:

Credit and debit card data from CBA and ANZ shows consumer spending has recovered so well that it is now above where it was this time last year.

For the week to May 22, personal spending is now in positive territory up 2.3 percentage on the same week last year, according to ANZ’s data while CBA shows that it is up 4 per cent.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.