Westpac/MNI Consumer Sentiment for September at 118.2 vs 116.5 prior
+1.5% m/m and up 4.4% y/y
- prior was up 1.8% m/m and 2.8% y/y
1.7% below its long run average
Highest since May 2014
MNI report the gain in sentiment was broad based
- 4 of 5 components higher
- "In contrast to the global barrage of negativity surrounding China's economic fortunes, ordinary Chinese consumers have become increasingly upbeat."
Say WPAC (bolding mine):
- the survey detail shows consumers have become much less pessimistic about business conditions and are nudging into positive territory in their views on real estate, their expectations for employment have shown far less improvement.
- The survey has a solid track record picking turning points in activity. The firming in sentiment clearly demands close attention.
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Earlier I posted Goldman Sachs on Australia; for China they see "a less acute downturn taking place, with signs of strength in retailing, some parts of the property market and consumer-driven sectors. "We identify a slowdown for sure, but it's not a massive slowdown""
This MNI/Westpac survey would seem to gel with that aseessment
