The ANZ released its Weekly Consumer Confidence survey this morning which dropped another 0.7%, taking the three-week fall to 5%.
But it’s not all bad news according to the ANZ’s Economics team, which noted in the press release accompanying the survey:
The decline in confidence over the past three weeks coincides with announcements by Toyota and this week by Qantas. The weekly ANZ-Roy Morgan consumer confidence survey will provide the earliest indication as to the extent this recent drop in confidence will be sustained or reversed in coming weeks, with important flow-on implications for consumer spending. The beginnings of a recovery in job advertising in recent months suggest a moderately stronger labour market will likely see confidence recover in coming months.
Let’s hope so, but yesterday the ANZ questioned the 5.1% rise in the Job Ads released yesterday, which is their own data.
So the outcome remains fluid for the economy but consumer confidence needs to improve for the economy to get on a more balanced footing.