ANZ-Roy Morgan Consumer Confidence fell 1.1% last week (ending 16 March) to 112.2. Consumer Confidence has fallen around 10% since the most recent peak in October last year and remains around 3% lower than 5 weeks ago when job loss announcements from the manufacturing and aviation industries weighed on confidence.
The move in the week was driven by a sharp fall in ‘financial situation compared to a year ago’ (-9.1%) which is the sub-index most correlated with household consumption growth. However, this sub-index is coming off a relatively high level historically. Moves in other sub-indices were generally small in the week.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
