Value of credit, debit cards transactions fall again
Published 1:11 PM, 20 Dec 2010
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By a staff reporter
The value of credit and debit card transactions dropped for the 12th straight month in November, but retail broker CommSec says there's light at the end of the tunnel for retailers.The Commonwealth Bank Business Sales Indicator (BSI) - which tracks transaction processed through the bank's merchant facilities, including spending on airlines, automobile and personal services - was down 0.1 per cent in trend terms.But only six of the 20 industries recorded weaker sales, CommSec said, adding that excluding utilities, the BSI lifted 0.7 per cent in trend terms, which is the best reading in 15 months.Retail fared particularly well, up 0.9 per cent which is its strongest growth rate in 14 months, CommSec said. Clothing also recorded 0.4 per cent trend growth, their best reading in 19 months."While down again in November, the size of the declines has consistently narrowed over the past six months," chief economist Craig James said in a statement.
