The ANZ-Roy Morgan Research (RMR) consumer confidence index continues to bounce around, this time recording a rise of 3.0 points (+2.7%) to 114.6 in the week ended 26 October, taking it above its long-run average reading of 113.2 (see next chart).
This week’s increase was driven by a 10% jump in households’ view of economic conditions over the 12 months to the highest level since mid-April, along with a 3.9% increase in expectations of economic conditions over the next five years.
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The below chart plots the most recent Westpac-Melbourne Institute Consumer Sentiment index against the ANZ-RM Consumer Confidence index, which continues to show significant divergence recently:
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