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Financial News: Australia's Consumer Confidence Improves

Australia's Consumer Confidence Improves

10/23/2017 - 23:59:00 (RTTNews)

(RTTNews) - Australia's consumer confidence rebounded during the week ended October 22, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.

The consumer confidence index rose to 113.3 from 112.4 in the preceding week.

The gain was driven by improvements in expectations for the near- and long-term economic outlook.

The index measuring 'time to buy a major household item' remained unchanged at 129.

Inflation expectations remained stable, at 4.5 percent for the third consecutive week.

"Continued improvement in the labor market and an eventual acceleration in wage growth is likely the key to a clear uptrend in consumer confidence," ANZ'S head of Australian economics, David Plank, said.

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