Australia’s Consumer Confidence Strengthens – Markets Insider

(RTTNews) – Australia’s consumer confidence strengthened during the week ended November 19 to the highest level in sixteen weeks, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.

The consumer confidence index climbed to 116.4 form 114.8 in the preceding week.

The details were broadly positive, with three out of five sub-indices posting gains, while the other two showed only slight falls.

“Sentiment has improved considerably over the past two weeks, driven primarily by an upswing in views towards current and future economic conditions,” Felicity Emmet, senior economist at ANZ, said.

“This improvement likely reflects ongoing labor market strength, with the most recent jobs report showing a decline in the unemployment rate to multi-year low of 5.4 percent.”

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