Australia: Consumer sentiment deteriorates slightly in April
The Westpac-Melbourne Institute Index of Consumer Sentiment fell to 102.4 in April from 103.0 in March. However, the index remained above the crucial 100 mark that separates optimism from pessimism among consumers, where it has now been for five consecutive months.
April’s dip came on the back of consumers’ less optimistic assessment of their finances over the next twelve months amid volatility in the stock market and declining house prices. In addition, consumers grew more concerned about unemployment and became less willing to purchase major household items. On the bright side, consumers grew more upbeat about economic conditions over the next five years as well as their own finances compared to the same period a year ago.