The October survey date for Westpac / Melbourne Institute consumer sentiment
Last month's result:
- down 3.0% to a value of 100.5 (above 100 is net optimism, but as you see its barely there)
was the weakest since November of 2017.
Analysts cited as negatives:
- mortgage rate rises
- political instability
- continuing pressure on household budgets from high debt
But, on the plus side:
- labour market prospects
Westpac preview for today's data:
- The October survey is in the field from October 1-6. The backdrop looks a little more settled this month, suggesting some of the impact from September's negatives may dissipate.
- That said, global trade tensions, slipping house prices and sluggish income growth will remain negatives for sentiment.