I guess a per capita recession matters after all as ANZ weekly consumer confidence plunges 5%:
“We think the soft GDP report and, perhaps more importantly, the focus on a “per capita recession” were the primary factors in the plunge.”
“This decline could be longer-lasting as it appears to be more related to underlying economic conditions. If it proves to be a sustained decline then it is yet more bad news about a household sector that is already under pressure. No doubt the RBA will take note.”
The index is volatile and is not all that useful but the big moves are usually correlated with the better Westpac monthly index.
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.
