Australia: Consumer sentiment deteriorates slightly in May
May 16, 2018
The Westpac-Melbourne Institute Index of Consumer Sentiment dipped to 101.8 in May from 102.4 in April. 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.
May’s drop came on the back of less upbeat expectations among consumers about economic conditions over the next five years as well as deteriorating assessments of their finances compared to one year ago. On the bright side, consumers grew more optimistic about their personal finances and the general economic outlook over the next twelve months. Moreover, consumers were less concerned about unemployment and became more willing to purchase major household items.
Australia Private Consumption Forecast
FocusEconomics Consensus Forecast panelists see private consumption growing 2.5% in 2018, which is up 0.2 percentage points from last month’s forecast and 2.5% again in 2019.