Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
In February, the unemployment rate fell 0.4pp to 3.7%, underutilisation rate -0.5pp to 10.3%, and CPI inflation was steady at 3.4% y/y. The misery index using headline CPI and underutilisation, as a result, fell to its lowest since the end of 2007. Therefore it is not surprising that seasonally adjusted Westpac consumer confidence has troughed and while still depressed rose 0.9% m/m in February. Non-seasonally-adjusted sentiment fell 1.8% in March but seasonally adjusted it rose another 0.6% m/m, the highest level since June 2022. Moderating inflation while most people who want a job have one with enough hours is helping households to feel less pessimistic. If the RBA can achieve its goal of holding onto employment gains while returning inflation to the band, then it may just be able to stay on its “narrow path”.
Australia misery index vs Westpac consumer confidence
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.