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House prices, Consumer and Business Sentiment, Retail, PMIs all up - causation or just correlation?; Also equities markets, construction activity, the Aussie dollar, and everything else seems to be recovering and heading up!
Topic Started: 10 Oct 2013, 01:10 AM (2,900 Views)
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Consumer sentiment falls in Dec: WBC

The Westpac-Melbourne Institute Index of Consumer Sentiment fell in December to its lowest level since July.

The index fell by 4.8 per cent in the month to 105.0, compared with 110.3 in November.

Westpac chief economist Bill Evans said the index is 4.3 per cent below the average print for the last three months, which covered the post-election period and the time of most euphoria around house prices.

"It appears that the boost in confidence partly associated with the election result and booming house prices has faded in December," Mr Evans said.

He said confidence around the economic outlook has faltered, with components of the index measuring consumer views over the next 12 months and five years falling over 10 per cent from their average prints over the last three months.

Consumers also expect unemployment to rise, with respondents feeling less secure in their jobs, the survey found.

But Westpac found more mixed results for family finances, with the survey finding a slip compared to a year ago, with expectations of a lift over the next 12 months.

The December survey also provides information about respondents' most widely recalled news items.

"The highest recall this month was on items about economic conditions, budget and taxation, interest rates and employment," Mr Evans said.

"Relative to September, when we last surveyed consumers' news recall, respondents assessed news to be significantly more unfavourable around employment, budget and taxation and interest rates.

"It is likely that news on job losses in high profile companies such as Qantas and Holden may have unnerved respondents while media coverage of rising fixed mortgage rates may also have been a factor."

Read more: http://www.businessspectator.com.au/news/2013/12/11/australian-news/consumer-sentiment-falls-dec-wbc
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