Australia: Consumer sentiment edges up at the beginning of the year
January 16, 2013
In January, the index of consumer sentiment published by Westpac and the Melbourne Institute rose to 100.6 points, up from the 100.0 points recorded in December. The January reading marks the third consecutive month in which the index has been at or above the 100-point threshold that separates optimistic from pessimistic territory, following eight consecutive readings below 100.
Respondents to the survey had more optimistic expectations for the general economy, both in the short term (12 months) and in the long run (5 years). In contrast, consumers' assessment regarding their current and future financial situation deteriorated compared to December. The index related to the intentions to purchase major household items rose 4.7% over the previous month, reflecting - according to Westpac and the Melbourne Institute - a stronger outlook for the Australian dollar.
Author: Armando Ciccarelli, Head of Data Solutions