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A sign of the retail times as rolling sales sound a warning on the economy | The Business | ABC News

Hopes of an early rate cut have been all but dashed with the latest inflation reading coming in too hot for a second month. Market forecasts of several rate cuts this year have been dramatically revised down to a thirty per cent chance of one next February. And in a sign of the times, a retail recession has been declared as the sector entices shoppers with rolling sales and discounts. The industry's peak body is warning of store closures and job losses as retail activity ebbs to the lowest level since the global financial crisis. Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2024-05-2... ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook:   / abcnews.au   Follow ABC News on Instagram:   / abcnews_au   Follow ABC News on X (Twitter):   / abcnews   Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia