Consumer confidence rose 0.2% to 114.8 in the week ending November 9, the ANZ-Roy Morgan survey reports.
The latest figures show consumer confidence is up nearly 3% over the last three weeks, also nudging the four-week average higher to 113.9 – around 13% above the lows reached earlier in the year.
ANZ said the improvement was driven by rising confidence in the economic outlook over both the next year (+2%) and the next five years (+4.7%), although both sub-indices remain at below-average levels.
ANZ chief economist Warren Hogan said, ““While it is encouraging that consumer confidence is now trending higher, the pace of improvement is slightly disappointing.”
“Confidence in the economic outlook remains subdued (despite the rise last week) and is likely contributing to the unusual sensitivity of households to negative economic news flow,” he said.
“This has caused three sizeable drops in confidence this year in response to job losses in the aviation and manufacturing industries, Federal budget cuts and a surge in the unemployment rate (later revised). A gradual improvement in the non-mining economy over coming quarters should help to build stronger and more sustainable momentum in confidence into 2015.”
Consumer confidence is trending higher as we head into Christmas trading and the data points to a pick up in consumption. Here’s the chart:
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