Spending slows as Xmas approaches November 27, 2014 - 8:13AM Economy-wide spending growth has slowed to its lowest level in two years, just as Christmas approaches. Spending grew by 0.3 per cent in October, seasonally adjusted, down from 0.4 per cent in September and 0.5 per cent in each of the three preceding months, according to Commonwealth Bank figures. "Consumer confidence is good, but by all means not great," CommSec chief economist Craig James said. But there are signs of improvement in the job market while higher housing prices and construction are serving to underpin spending. Financial service providers again recorded the strongest sales in October, according to the Business Sales Indicator (BSI), which tracks credit and debit card transactions on CBA machines. Airlines and hotels and motels also recorded solid growth. The biggest fall in sales was taken by mail order and telephone order providers, along with government services and car rentals and sales. Sales rose across all states and territories except for NSW, where spending was flat.