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Unemployment Expectations Positive Despite Depressed Consumer Sentiment

AUSTRALIA DATA
  • The September Westpac index of consumer confidence rose for the first time since November 2021 and was supported by confidence in the labour market. The 3.9% m/m increase was driven by rises in overall expectations, but also sentiment regarding economic conditions and family finances one year ahead.
  • Consumer sentiment continues to remain very depressed and it seems that it in September it bounced off an extreme low. However, unemployment expectations signalled that people feel unemployment will fall over the next year. This seems to be the driver behind robust spending despite worrying levels of confidence.
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