The weekly consumer sentiment data (latest here Australian weekly consumer confidence survey 90.5 (prior 90.7)) is languishing well in pessimistic territory.This monthly indicator, the same. Drops sharply to 90.4, its lowest since August of 2020. prior 95.7today’s is its 6th consecutive monthly dropWPAC citing high inflation and the RBA rate rise for the fall lower in MayWPAC also say retailers will be concerned with the ‘time to buy a major household item’ falling another 5.7% on the month to be down 24% y/y. The incumbent government is going to be sweating this survey result too – elction is coming up on May 21. —Eyes are on inflation data ahead:Wednesday 11 May 2022 – Before the eagerly awaited US CPI we’ll get China CPI dataUS inflation data is the focus for Wednesday 11 May 2022
Australia – Westpac Consumer Confidence Index for May -5.6% m/m (vs. prior -0.9%)
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