Westpac-Melbourne Institute Consumer Sentiment Index down 2.3% in February
From up 1.8% in January
Westpac noted prior to the release that the survey was in the field over the week ended February 10 and was likely affected by increased financial market turbulence (global equity sell off)
More from the bank's release of the data:
The survey was conducted over the week of February 5 - February 11. That week was marked by a wave of volatility in global share markets. The Australian market, which was more stable than most, still experienced some significant swings, being down a net 4.6% for the week while the US market (S&P 500) was down by a net 7.2%. Extensive media coverage of these developments would have unnerved respondents on two fronts - the impact on their own financial position and concerns for general global stability. These concerns appear to have been acutely felt by retirees whose confidence fell by 13.5%. Read more | |
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