SCOREBOARD: US data delight

The US retail and car sales data was undeniably positive, markets were up and everyone needs to calm down.

US retail sales were strong again, exceeding expectations for a 0.8 per cent rise to be up 1.1 per cent in September, after a similarly strong 1 per cent gain the month prior. Sales ex autos and gas were up 0.9 per cent compared to expectations for a 0.4 per cent rise. All the indicators are consistent then – a spike in consumer confidence, a surge in consumer credit, jobs growth is strong (equal to pre-GFC boom average) and spending is strong. Anyone disappointed with this recovery has unrealistic expectations and has, perhaps, been reading too many fairy tales. Similarly, the RBA board needs to calm down and stop panicking – Aussie car sales out yesterday hit a new record!

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