Australia: Consumer confidence increases in January
January 21, 2015
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased from 91.1 points in December of last year to 93.2 points in January. Despite the increase, consumer sentiment is still in pessimistic territory below the 100-point threshold.
January’s modest improvement in the overall index was mainly driven by consumers’ increased optimism on purchasing household items. Unemployment expectations also improved somewhat compared to the previous month, consistent with the strong labor force figures published in December. Conversely, consumers continued to be very pessimistic regarding the economic outlook for the next twelve months.
Author: Cecilia Simkievich, Economist