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The ANZ-Roy Morgan weekly consumer confidence index rebounded for the second consecutive week, up another 1.7%:
Key movements in the sub-indices were as follows:
- Consumer confidence rose 1.7% last week after a 4.9% jump the week before. Confidence is now at its highest since early June, but remains well below the neutral level of 100.
- ‘Weekly inflation expectations’ dropped 0.3ppt to 5.5%, while the four-week moving average decreased 0.1ppt to 5.6%.
- Four of the five subindices improved. ‘Current financial conditions’ fell 3% after a 5.4% rise the week before. ‘Future financial conditions’ rose 1.4%.
- ‘Current economic conditions’ jumped 8.4%, to its highest level since the of end May. ‘Future economic conditions’ were practically unchanged with an increase of 0.1%.
- ‘Time to buy a major household item’ rose 2.4% after three straight weeks of decline.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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