Australia: Consumer confidence drops to lowest level since August
April 11, 2012
In April, the index of consumer sentiment published by Westpac and the Melbourne Institute dropped to 94.5 points, down from the 96.1 points recorded in March and marking a second consecutive monthly fall. Due to the deterioration, the index moved further below its long-term average of 101.8 points and is now at its lowest level since August last year. All the sub-components of the index deteriorated compared to the previous month. The sharpest decline was experienced by the component related to the personal financial situation compared to the previous year, which dropped by 14.4%. Expectations on the household's financial conditions also deteriorated compared to March. Nevertheless, the sub-index related to the intentions to purchase major household items recovered in April.
Author: Armando Ciccarelli, Head of Data Solutions