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Australian retail sales surge on iPhone, Black Friday bonanza

Reuters  |  SYDNEY 

By Wayne ColeSYDNEY (Reuters) - Australian retail sales surged past all expectations in November as consumers splashed out on Apple iPhones and Black Friday promotions, a major boost for an economy that had been struggling with sluggish spending.The local dollar jumped almost half a U.S. cent to a three-month peak of $0.7882 as the strength countered concerns consumers had lapsed into a near-permanent depression.Thursday's figures from the Australian Bureau of Statistics (ABS) showed retail sales jumped 1.2 percent in November from October, when they rose a solid 0.5 percent. That was three ...

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First Published: Thu, January 11 2018. 08:35 IST