Weekly Australian consumer sentiment data via ANZ and Roy Morgan
Consolidating its recent good run with another higher result at 122.0 for the week
- A jump from last week's 116.5 week
- MA (4 weeks) of the indicator is around 117.4
The index moves to the highest it has been since November of 2013
- All sub indexes higher
ANZ comments:
- Continued strength in the labour market, and a strong performance in the Ashes series likely helped sustain the cheer among consumers.
- It needs to be acknowledged that consumer confidence usually rises in the first reading for January. Still, the increase this year is stronger than the 3.6% average lift in confidence for the past nine 'annual turns', indicating that the gain in confidence is more than just seasonal.
- Confidence has been trending higher since the low for 2017 in late August. It is encouraging that consumers seemed willing to overlook their high debt burden, moderating house price gains and the impact of higher petrol prices. We think the continued strong growth in employment is the key driver. We'll find out in February (with the next wages data) whether a pick-up in wage growth has also contributed to the gain in sentiment."
More data due from Australia later in the session (0030 GMT):
