Weekly consumer confidence was essentially unchanged last week, gaining just 0.1 per cent. Within this stable headline result there was quite a bit of movement in the sub-indices. Those relating to personal financial conditions were stronger, while those looking at the economic outlook fell.
Current financial conditions rose by 4.7 per cent, while future financial conditions gained 0.2 per cent. Both financial condition sub-indices have been positive for two straight weeks.
Economic conditions were weak, with current economic conditions down 6.9 per cent and future economic conditions falling 5 per cent. Both the sub-indices are below their long-term averages.
The ‘time to buy a major household item’ was up sharply, jumping by 6.1 per cent. It has not been above its current level since July last year. The four-week moving average for inflation expectations rose to 3.9 per cent.