ANZ Roy Morgan confidence bounces

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by Chris Becker
The weekly ANZ Roy Morgan consumer confidence report just released has seen a surprising uptick, jumping over 2% and now above its long run average:
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The money quotes from ANZ:

  • The bounce in employment numbers and the fall in the unemployment rate seems to have sent a positive signal, which is being reflected in consumers’ view towards future financial and economic conditions
  • While a lift in consumer expectations is an encouraging sign, they remain well below long run averages and a sustained bounce is required to generate stronger growth in household spending
  • While weak wages growth is helping to support better employment outcomes, it is difficult to see how an economy growing below trend can continue to create enough jobs to absorb solid growth in the labour force”