Consumer confidence declined 0.7 per cent last week, driven by weakness in financial conditions.
‘Current finances’ fell 4 per cent compared to the prior week, while ‘future finances’ declined 5.2 per cent – its second straight weekly loss.
In contrast to the weakness in financial conditions, confidence in economic conditions rose. ‘Current economic conditions’ gained 2.4 per cent, building on the strong rise of 6.5 per cent in the previous reading. ‘Future economic conditions’ rose 2.7 per cent.
‘Time to buy a major household item’ gained 1.7 per cent, after declining for two successive weeks. The four-week moving average for ‘inflation expectations’ was stable at 4 per cent.