Consumer sentiment measure falls to 99.6, ie pessimists outnumber optimists
- prior +0.1% m/m to 104.4
- down 5.3% y/y
A poor result.
AUD down a few points.
Westpac statement on the results:
- 'cautiously optimistic' consumer mood that prevailed through 2018 has evaporated
- first time sub-100 reading from the survey since November 2017
- The January sentiment fall is significant … biggest monthly decline in over three years
- January reads should be treated with some caution as the Index is adjusted to remove a regular boost to sentiment over the holiday season. However, even allowing for this, the update clearly marks a poor start to the new year
- All index components recorded declines with the biggest falls around expectations for the economy and assessments of current finances
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Yyep, this is an ugly result
ADDED:
- this is not a not a top tier indicator
- but put it together with the other poor signs both in Australia and globally and its showing weakness in spending in January
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