Worries about household finances and job security have driven consumer confidence to its lowest level in almost eight months.
ANZ/Roy Morgan’s weekly consumer confidence index has fallen 2.3 per cent, with the sub category measuring consumers’ willingness to buy a major household items dropping to its lowest level since June 2014.
ANZ chief economist, Warren Hogan, said he expects consumer confidence to be bumpy in the year ahead because of weak employment growth.
“A key question for the outlook, therefore, is the extent to which a soft labour market will offset the feel good factor from higher asset prices,” he said.
AAP
