Australia: Consumer sentiment soars to highest level in more than two years
February 14, 2013
In February, the index of consumer sentiment published by Westpac and the Melbourne Institute soared to 108.3 points, which was up from the 100.6 points recorded in January and marked the strongest result since December 2010. In addition, the figure marks the fourth consecutive month in which the index has been at or above the 100-point threshold that separates optimistic from pessimistic territory.
The improvement was broad-based, as all the components of the index fared better compared to January. In particular, households' expectations for the general economy, both in the short term (12 months) and in the long run (5 years), recorded the strongest increase. Against this backdrop, the sub-index related to the intentions to purchase major household items rose 5.5% over the previous month.
Author: Armando Ciccarelli, Head of Data Solutions