Jobs data helps lift consumer confidence

Stuart Condie
(Australian Associated Press)


Consumer confidence has hit its highest point since December after last week’s strong jobs data.

The ANZ-Roy Morgan Australian Consumer Confidence index jumped by 3.6 per cent to 119.5 last week, well above its four-week average 115.7.

ANZ head of Australian economics David Plank said the strong performance was a result of encouraging economic news from China and healthy local jobs data.

Australia’s unemployment rate rose 0.1 percentage points in March to a seasonally adjusted 5.0 per cent, but full-time employment rose by 48,300 during the month.

“Consumers are now the most upbeat they have been in 2019,” Mr Plank said.

“Continuous gains in future financial and economic conditions suggest that the Australians are getting comfortable with their future financial wellbeing.”

Confidence about current finances also rose 3.6 per cent to an eight-month high 109.2, while sentiment about future financial conditions showed a fourth straight weekly gain, of 5.2 per cent.

Confidence about current economic conditions rose by 2.0 per cent, while on future economic conditions it jumped by 7.7 per cent to the highest since 2013.


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