Consumer confidence heads for Hades

Consumer confidence heads for Hades. ANZ with the note.

Consumer confidence dropped 2.9pts last week to 77.0, its weakest result since early April 2020. Confidence declined across all mainland states.
‘Weekly inflation expectations’ increased by 0.5ppt to 5.7%. Its four-week moving average remained steady at 5.3%.
Three of the five subindices were down. ‘Current financial conditions’ declined 6.4pts, falling to its lowest level in over twenty years. ‘Future financial conditions’ were down 4.4pts.
‘Current economic conditions’ rose slightly by 0.3pts. ‘Future economic conditions’ fell 4.3pts.
‘Time to buy a major household item’ remained practically unchanged with an increase of 0.1pts.

And Westpac.

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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.