Consumer confidence takes GDP hit

Via ANZ:

Households’ perception of current financial conditions fell 4.8% last week, more than reversing a cumulative 1.7% gain over the previous two weeks. Meanwhile, sentiment towards future financial conditions rose 2.1%, its third straight weekly increase.

Encouragingly, households’ assessment of current economic conditions bounced 2.1%, entirely reversing the prior week’s fall. Consumers were less optimistic about future economic conditions, however. Their assessment fell 3.5% to 111.5 (versus a long term average of 113.9).

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