Drops back to 99.7 from 101.4 previously
Pessimists back on top!
Westpac chief economist Bill Evans was quite succinct on the result:
- Last month's return to slight optimism has proven to be short-lived
- The consumer mood has been downbeat in 2017 with clear pressures on family finances and an uncertain economic outlook weighing on sentiment
In this (November) survey Westpac asked about Christmas spending intentions ...:
- about a third (not quite) expected to spend less on gifts this year than last
- about 54% expected to spend about the same
- 11% tp spend more .... (lowest since the question was first included in the survey for November in 2009)
--
This fits in with the data we have been seeing, slow wage growth weighing on spending, sentiment.
