Consumer confidence fell 4.2 per cent last week. This was the third consecutive fall, for a cumulative decline of more than 8 per cent, taking the index to a low last seen in May 2014.
‘Current economic conditions’ fell 8 per cent, adding to the massive 16.6 per cent decline in the previous reading. ‘Future economic conditions’ bucked the trend with a rise of 1.7 per cent.
Unlike last week, confidence in financial conditions also worsened. ‘Current financial conditions’ fell 4 per cent, while ‘future financial conditions’ declined by 3.6 per cent.
‘Time to buy a major household item’ fell by 7.4 per cnet, resulting in an 11-year low. The four-week moving average for ‘inflation expectations’ was up 0.1 percentage points to 4.1 per cent.