Surge in consumer confidence

Surge in consumer confidence
Consumer confidence has taken a significant jump according to the latest Westpac-Melbourne Institute Index of Consumer Sentiment.

It rose 3.6 per cent to 101.4 in October from 97.9 in September.

That means the optimists now outnumber the pessimists.

Westpac chief economist Bill Evans says it’s happened for the first time since November last year and represents the highest level of the Index since October 2016.

“Consistent reports of an improving global economy may have been a factor behind this lift in confidence. It is also likely that concerns about rising interest rates associated with overheated housing markets have eased,” Mr Evans said.

He said ongoing improvements in the labour market have also boosted confidence.

 



An award winning author and journalist, commentator, lecturer, and speaker, Leon is a freelance business journalist who covers a range of areas including politics, strategy, globalization, leadership and all the big trends ahead. His main skill is summing up all the news that’s around. For the last 30 years, his main focus has been on management issues. He also produces two podcasts for RMIT University, Talking Business and Talking Technology. Leon has worked for Fairfax, News Limited, AAP and the Herald and Weekly Times.