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Westpac Consumer Sentiment increased by 2.4% in January

Wednesday, Jan 21 2015
The Westpac Melbourne Institute Index of Consumer Sentiment increased by 2.4% in January from 91.1 in December to 93.2 in January. It is encouraging to at least see an increase in the Index. To be sure, the increase is not just reflecting a regular ‘holiday boost’ to sentiment that can be expected at this time of the year. The Index is seasonally adjusted so the rise indicates that sentiment has lifted over and above the rise normally seen in January. 
 
However, when assessed in the context of the sharp 5.7% fall in the Index in December it is not a particularly strong result. The Index is still down by 9.7% on a year ago and really only back at the levels we saw in the immediate aftermath of the Federal Budget when the Index had tumbled by 6.8%. At 93.2 the Index level indicates pessimists still outnumber optimists by a significant majority.
 
Data did not have any major impact on the markets, however, Aussie rose during the morning part of the session and is currently being traded above 0.82 handle. Later today, in the US session, Building Permits and Housing Starts figures are scheduled for a release.
More in this category: « NAHB Housing Market Index down to 57 UK unemployment fell by 29,700 »

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