Australia: Consumer confidence rebounds in May
May 16, 2012
In May, the index of consumer sentiment published by Westpac and the Melbourne Institute rose to 95.3 points. The figure was up from the 94.5 points recorded in April and marked the first increase in the index in four months. As a result, the index edged closer to its long-term average of 101.7 points. The May reading was driven by an improvement in the respondents' assessment of their own financial situation compared to the previous year, with the corresponding sub-index rising a strong 17.0% over the previous month. In contrast, expectations on future households' financial conditions deteriorated compared to the previous month, which was reflected in a decline in the sub-index related to the intentions to purchase major household items, which now sits at its lowest level since June 2009.
Author: Armando Ciccarelli, Head of Data Solutions