The monthly Westpac Consumer Confidence Index comes in at +3.6% m/m to 103.3
- November was -1.7% m/m
A much better result, reflecting the improvement in the weekly number
At its highest since December of 2013
Westpac comments:
- This is a surprisingly strong result
- confirms the lift we have seen in the Index over the last three months
- The average reading for the Index in the December quarter is 5% above the average for the September quarter
- This result is supportive of the view that consumer confidence may have bottomed out during that September quarter.
- In turn, growth in consumer spending is likely to have also bottomed out in the September quarter. However, with ongoing weak income growth; a low savings rate; and high debt levels we cannot be confident that consumers have the capacity to sharply lift spending despite higher confidence.
