Bill Evans, Research Analyst at Westpac, points out that the Australia’s Westpac Melbourne Institute Index of Consumer Sentiment rose 2.8% to 104.3 in November from 101.5 in October.
Key Quotes
“Consumer sentiment has continued to recover from the mild setback in the September quarter. The headline index remains 1.6% below its July peak but is now more comfortably above the 100 line, indicating optimists outnumber pessimists. Indeed, while confidence may still not be particularly strong, there has been a clear improvement over 2018. November marks the twelfth successive month that optimists have outnumbered pessimists contrasting with the previous twelve months when pessimism held sway for 11 out of 12 reads.”
“Today’s Consumer Sentiment Report portrays a more confident consumer than we had expected although this confidence is not boosting spending intentions.
Westpac continues to expect that the Reserve Bank will keep the cash rate on hold in 2018, 2019 and 2020.”
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