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Retail sales figures have replaced other important data such as employment as the chief focus of central banks.
When they mention “fast indicators”, among them are retail sales figures.
We are waiting for the economy to return to normal, and the progress towards that can be seen as consumers return to buying.
Employment is generally a lagging indicator, and will likely stabilize months later. People will be able to return to work if retail sales recover.
Australia Being Dragged Down by Victoria
Australia, so far, has managed to keep its “second wave” of coronavirus cases limited to Melbourne. Only Victoria has needed a full lockdown.
New cases have started to trend down since the beginning of the month. In fact, new daily numbers at half the average recorded at the peak.
However, the state that is responsible for just under a quarter of the country’s GDP is likely to remain in lockdown for some time to come.
The Victoria lockdown is likely to have dragged ...
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