Australia: Consumers sentiment largely stable in January
January 18, 2017
The Westpac-Melbourne Institute Survey of Consumer Sentiment rose 0.1% in January as the index inched up from December’s 97.3 to 97.4. The index did not surpass the 100 mark, indicating that the number of pessimists still outnumbers optimists.
The Institute noted that January’s disappointing consumer sentiment reading may have suffered from December’s surprise announcement that GDP had contracted in Q3 2016. Economic expectations for the next 12 months rose, however, which is in line with a more positive outlook for the Australian economy, underpinned by a strengthening labor market, low interest rates and robust commodities prices, according to the Institute.
Author: Christopher Mc Innes, Economist