This is the monthly survey of consumer sentiment from Westpac in Australia. Comes in at an awful 78.5, down 6.9% m/mEarlier we had a horrendous weekly
This is the monthly survey of consumer sentiment from Westpac in Australia. Comes in at an awful 78.5, down 6.9% m/m
Earlier we had a horrendous weekly consumer confidence number, the worst since the beginning of the pandemic!
Inflation , rate rise response, biting.
This index has the 100 line as separation bewttn net optimism and pessimism. 78.5 is deeply, deeply pessimistic.
WPAC summary points on the release:
- Hopes of a break from cost-of-living pressures and rate hikes dashed.
- Sentiment back at historic lows – weaker reads only ever seen during recession.
- Over half of consumers expect mortgage rates to rise by 1ppt or more.
- Consumers reporting intense pressure on finances, mortgage belt especially.
- Attitudes towards major household purchases fourth lowest in 48 years.
- Confidence around jobs still positive but starting to get rattled again.
www.forexlive.com