ANZ consumer confidence hits new lows

There’s no stopping it:

Confidence was down again last week, falling 1.1%. The weakness was predominantly due to the economic conditions component of the index.

Current economic conditions fell by 2.6%, while future economic conditions were more downbeat, falling 4.9%. Both these subindices are near their multiyear lows.

In contrast, financial conditions were upbeat, with current financial conditions gaining 0.3% and future financial conditions gaining 0.2%.

The ‘Time to buy a household item’ gained 0.4% after falling 3.9% in the previous reading. The four-week moving average of inflation expectations declined by 0.1ppt to 3.9% as the weekly reading fell to 3.8%, its lowest level since the end of June.

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About the author

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.