Australia: Consumer pessimism continues in April with little change
April 9, 2014
The Westpac-Melbourne Institute Survey of Consumer Sentiment inched up from the 99.5 points tallied in March to 99.7 points in April. Despite April's timid increase, the indicator still rests slightly below the 100-point threshold that separates optimistic from pessimistic territory.
The indicator began a free-fall in November and this represents the first uptick since then. Consumers were more optimistic regarding the economic conditions over the next 12 months, but their intentions to buy major household items and homes deteriorated markedly. Regarding the job market, consumers expect unemployment to rise in the year ahead.
FocusEconomics Consensus Forecast panelists see private consumption growing 2.6% in 2014, which is unchanged from last month's forecast. In 2015, panelists see private consumption expanding 2.9%.