Confidence strengthened for a second week, with a close to 9 per cent gain coming after the prior week’s jump of more than 10 per cent. Strength was broad based.
‘Current financial conditions’ gained 8.7 per cent, while ‘future financial conditions’ rose 7.9 per cent.
‘Current economic conditions’ gained 6.3 per cent, building on the massive gain of 24.6 per cent in the previous reading. ‘Future financial conditions’ gained 11.8 per cent after being the only subcomponent that fell in the previous reading.
‘Time to buy a major household item’ gained 8 per cent and the four-week moving average for ‘inflation expectations’ fell 0.1 percentage point to 4 per cent. The weekly reading dipped to 3.8 per cent from 4.1 per cent.