Consumer Confidence Jumps, Despite Deep Pessimism
Consumer confidence has seen a slight bump this week, after dropping to levels that ANZ Head of Australian Economics, David Plank described as “recessionary levels.”
Consumer confidence rose 1.6 per cent after a 7.6 per cent decline the week before, ANZ-Roy Morgan’s weekly survey shows.
“News about the strength of the labour market may have boosted sentiment, but it remains deeply pessimistic,” said David Plank, ANZ head of Australian Economics.
Average petrol prices are continuing to worry Aussie households, with inflation expectations jumping 0.3 per cent to 5.9 per cent, while expectations for both the “current” and “future economic conditions” dropped for a third week in a row.