The ANZ-Roy Morgan Research (RMR) consumer confidence index was steady in the week ended 2 November at 114.6, remaining just above its long-run average reading of 113.2 (see next chart).
“Perceptions of household finances compared to a year ago, the subindex most correlated with household consumption” was up another 0.9% last week, which according to ANZ should lead to a Christmas bounce in retail sales. We shall see.
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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, with Westpac’s still in the gutter and pessimists outweighing optimists:
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