Consumer confidence declined by 9.8 per cent over the past week and is now at its lowest level since the inception of the survey in 1973.
‘Future financial conditions’ was the only subcomponent which was positive, gaining 0.6 per cent. ‘Current financial conditions’ fell 16.1 per cent.
‘Current economic conditions’ declined by 9.5 per cent, following last week’s 37 per cent decline. This is by far the weakest component of the survey. ‘Future economic conditions’ were a bit calmer, falling just 2.4 per cent.
‘Time to buy a major household item’ fell the most over the past week, dropping by 23.8 per cent. The four-week moving average for ‘inflation expectations’ was up by 0.1 percentage point to 4.1 per cent.