It appears the Scummo/Recessionberg team is worse than the disastrous 2014 Abbott/Hockey Budget nightmare. Via ANZ:
Confidence drops to four year low
The index continues its losing streak, falling 2.8% last week to its lowest level in more than four years. Weakness is across the board.
Current financial conditions fell 0.1%, while future financial conditions plunged 4.4%. Current financial conditions are still above average, but future conditions are now below average.
Current economic conditions fell by 1.3% last week, to a four-year low, while future economic conditions declined 4.6% and are now at an all-time low.
The ‘Time to buy a household item’ was also at a multi-year low, falling 3.3%. The four-week moving average of inflation expectations was stable at 3.9%.
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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.
