Australia November Westpac-Melbourne Institute Consumer Confidence Index jumps 12.8% to 103.8
I'm awaiting some details on this. What a bizarre result.
Here we go:
- consumer sentiment turned optimistic in November for the first time in almost four years
- surged 12.8% to 103.8 in November, a seven-year high (excluding the COVID-19 pandemic period)
- optimists outnumbered pessimists for the first time since February 2022
- the main driver was the outlook for family finances over the next year, which jumped by 12.3% to 109.1
- measure of the economic outlook for the next 12 months firmed 16.6%
- outlook for the next five years rose by 15.3%
- measure of whether it was a good time to buy a major household item rose 15% to 111.6
WPAC comment:
- an extraordinary and somewhat surprising result
- survey shows that the dent from a changed outlook for interest rates has been more than offset by other positives, suggesting that the consumer recovery is likely to continue tracking well, at least for now
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I'm just gonna ignore this. Just too weird.
