Consumer confidence retreated 2.6 per cent last week, offsetting the gains over September. Confidence fell in all mainland states – its first synchronous drop since early August.
• ‘Weekly inflation expectations’ spiked by 0.6ppt to 5.6 per cent, its highest level since mid-August. The four-week moving average rose 0.1ppt to 5.4 per cent.
• Four of the five confidence subindices declined. The economic subindices plunged, with ‘current economic conditions’ down by 7.6 per cent and ‘future economic conditions’ declining 7.5 per cent.
• ‘Current financial conditions’ fell by 1.5 per cent, while ‘future financial conditions’ weakened by 1 per cent.
• ‘Time to buy a major household item’ was the only subindex to improve, rising 4.8%, its fifth consecutive weekly gain.