The ABS posted some economic data. My initial take is that the numbers are not looking good.
Retail figures have been flat this financial year:
The seasonally adjusted estimate for Australian turnover was relatively unchanged (0.0%) in October 2012 following a rise of 0.5% in September 2012 and a rise of 0.3% in August 2012.
The seasonally adjusted figures are down on the June figures.
The seasonally adjusted estimate for mineral exploration expenditure fell 14.7% (or -$146.9m) to $855.4m in the September quarter 2012. The largest contributor to the fall this quarter was Western Australia (down 19.0% or -$108.7m).
Then add to that:
In current prices, the trend estimate for company gross operating profits fell 1.7% this quarter. The seasonally adjusted estimate fell 2.9%. In current price terms, the trend estimate for wages and salaries rose 0.7%. The seasonally adjusted estimate fell 0.2%.
The National Accounts will be released on Wednesday at 11 am. In the meantime the market is expecting a 25 basis point decrease in the official interest rate to be announced tomorrow. Despite the rhetoric low interest rates are not a sign of strength.