Consumer confidence appears to be consolidating just below its long-run average, with the headline index declining a modest 0.6 per cent last week after a gain of 0.8 per cent the prior week.
The softness came on the tempered assessment of ‘financial conditions’, while confidence in ‘economic conditions’ bounced back after weakness in the week before.
‘Current financial conditions’ deteriorated 3.5 per cent, while ‘future financial conditions’ weakened 2.1 per cent. ‘Current economic conditions’ improved 1.7 per cent and ‘future economic conditions’ inched up 0.4 per cent.
‘Time to buy a major household item’ was up a modest 0.3 per cent. The four-week moving average for inflation expectations was steady at 3.7 per cent.