Confidence plunged 3.5% last week to its lowest level in over two years. ‘Time to buy a household item’ was the only subindex in the positive, eking out a 0.2% gain.
The financial conditions subcomponents dropped sharply. Current finances were down 4.6%, the third consecutive weekly decline, while future finances were down 4.8%.
The economic conditions subindices were also down, with current economic conditions losing 0.6% and future economic conditions falling by a sharp 7.6%, bringing it to a two-year low.
The four-week moving average for inflation expectations increased by 0.1ppt to 4.1%, despite a small decline in the weekly reading.