Westpac - Melbourne Institute Consumer Confidence for September 2023 falls 1.5% from August to to dismal 79.7.
- Numbers under 100 mean that pessimists outnumber optimists in the survey
- the index has been below 100 mark since March 2022, the longest streak since the early 1990s recession
- "The strong message from the survey detail is of ongoing intense pressures on family finances."
- "The cost of living remains the key negative for confidence in this cycle. While the 'threat' of rising rates is expected to ease further, a sustained recovery in confidence will only emerge when households are much more comfortable with the cost of living."
Earlier we had the equally dismal weekly sentiment number:
The Westpac-Melbourne Institute Unemployment Expectations Index gained 2.8% to 130.8 points in September. The long-run average for this is 129 points. An indication of a small softening in the jobs markets.