Australian monthly consumer confidence for September falls 1.5% m/m to 79.7

<p>Westpac – Melbourne Institute Consumer Confidence for September 2023 falls 1.5% from August to to dismal 79.7.</p><ul><li>Numbers under 100 mean that pessimists outnumber optimists in the survey</li><li>the index has been below 100 mark since March
2022, the longest streak since the early 1990s recession</li></ul><p>Westpac comments:</p><ul><li>"The strong message from the survey detail is of ongoing
intense pressures on family finances." </li><li>
"The cost of living remains the key negative for confidence
in this cycle. While the 'threat' of rising rates is expected to
ease further, a sustained recovery in confidence will only
emerge when households are much more comfortable with the cost
of living."</li></ul><p>Earlier we had the equally dismal weekly sentiment number:</p><ul><li><a href="https://www.forexlive.com/news/australia-data-anz-roy-morgan-weekly-consumer-confidence-776-prior-787-20230911/" target="_blank" rel="follow" data-article-link="true">Australia data – ANZ Roy Morgan weekly consumer confidence 77.6 (prior 78.7)</a></li></ul><p>More:</p><p>The Westpac-Melbourne Institute Unemployment Expectations Index gained 2.8% to 130.8 points in September. The long-run average for this is 129 points. An indication of a small softening in the jobs markets. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.