The ANZ’s recently released weekly consumer confidence index showed a big dip in confidence a month ago but consumers have largely recovered from that, according to ANZ senior economist Felicity Emmett.
Even though the index fell slightly over the past week, “edging down 0.3% to 114.0”, Emmett told Business Insider that it’s the recovery of 4% over the past month which has caught her eye. Emmett said that the weakness in March had been a result of confidence being hit “by widespread media coverage of job losses in the auto and aviation industries.”
But there had been a strong recovery since, with Emmett noting that:
While consumer confidence has generally trended lower over the past 9 months, it remains at a relatively healthy level – at a touch above its long-run average. Consumption growth picked up noticeably over the course of 2013 and the level of consumer confidence continues to suggest it should strengthen further this year.
She added that “the Australian economic outlook is looking more positive.”
More good news on the economy it seems.