“The ‘economic conditions, next 12 months’ subindex posted the strongest gain, rising 7.1% to a four year high,” he said following the release of the October report. “Some of this likely stems from consistent coverage of the continuing improvement in the global economy with, in particular, improved confidence in the US growth outlook. Longer-term economic expectations also rose with the subindex measuring the ‘economic outlook over the next five years’ lifting by a smaller 1.4%.”
Westpac Consumer Sentiment rose by 3.6%
The latest Westpac-MI consumer sentiment index rose 3.6% to 101.4 in October, leaving it at the highest level since October 2016. Despite a slim margin, it’s the first time there has been more optimists than pessimists since November 2016. According to Bill Evans, Chief Economist at Westpac, the improved mood was driven by optimism towards the economy in the year ahead, something he says fits with improving economic conditions globally.
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