Consumer Sentiment Surges, Westpac-Melbourne Institute Index of Consumer Sentiment.Melbourne, Australia, Dec 13, 2006 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - The Westpac Melbourne Institute Index of Consumer Sentiment rose by 11.8% in December from 95.0 in November to 106.2 in December. Westpac's Chief Economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the Bill Evans
William John Evans (better known as Bill Evans) (August 16, 1929 – September 15, 1980) was one of the most famous and influential American jazz pianists of 20th-century. commented,"This is a surprisingly strong result. We expected that there would be some rebound from the 9.7% fall in November but did not anticipate such a strong recovery. The Index is now actually 1% above the October level, prior to the interest rate increase which the Reserve Bank announced in November. Podcast: http://www.acnnewswire.net/press/en/34455/Westpac.html The three previous interest rate increases in March last year, and May and August this year established a fairly standard pattern where Sentiment fell sharply following the rate hike announcement but subsequently recovered when there was no immediate follow-up hike. However, the recovery was never enough to fully offset the original fall. This recovery, being more than enough to offset the original fall, points to a consumer who expects to cope surprisingly comfortably with the latest interest rate increase. The key to this result is probably found with the continuing strong labour market. Prior to the survey it was announced that 36,200 new jobs had been established in November and the unemployment rate had consolidated at a 30 year low of 4.6%. Further evidence that the interest rate rise was not biting biting pertaining to the characteristic behavior of performing a bite. biting louse see species of the insect suborder mallophaga. biting midge insects of the family ceratopogonidae. came from the extraordinary 16.7% jump in the confidence of mortgagees. Despite three interest rate increases in 2006, the confidence of mortgagees has actually risen by 5.2% over the year. With optimists now outnumbering pessimists by a comfortable margin, prospects for a strong finish to the Christmas retail season have improved dramatically. The outlook for housing has also improved. Rising interest rates had reduced confidence in whether now is the "time to buy a dwelling" by 14% over the first nine months of the year. However, despite a further rate increase in November, the Index rose by a modest 1% from its September reading. There was also a rise of 2.7ppts in the proportion of respondents who saw real estate as the wisest place for savings - increasing from 17.9% in September to 20.6% in December. That contrasted with falls in sentiment towards deposits and equities. All components of the Index rose sharply. Confidence about family finances compared to a year ago was up 5.7% and expectations on finances over the next twelve months were up 9.4%. Confidence about economic conditions over the next twelve months was up by 28% and over the next five years by 5.2%. The best news for retailers was that confidence in whether now is a good time to buy a major household item rose by 11.9%. Westpac continues to expect the Reserve Bank to raise interest rates again, following the Board meeting on February 6. Our consistent view has been that core inflation pressures are continuing to build in the economy and there will be insufficient evidence insufficient evidence n. a finding (decision) by a trial judge or an appeals court that the prosecution in a criminal case or a plaintiff in a lawsuit has not proved the case because the attorney did not present enough convincing evidence. that the previous three rate increases have slowed the economy enough to give the Bank confidence that inflation will slow. Evidence from this survey certainly points to a more buoyant Buoyant The term used to describe a commodities market where the prices generally rise with ease when there are considerable signals of strength. Notes: These types of markets can be very volatile as the prices are rapid to rise and fall with investor sentiment. consumer than had generally been expected. About Westpac Banking Corporation Westpac Banking Corporation is a banking organization that provides a range of banking and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. in Australia and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . The Company's operations comprise four key areas of business, through which it serves approximately seven million customers. These four areas of business are Business and Consumer Banking (BCB BCB Banco Central do Brasil (Brazil's central bank) BCB Borland C++ Builder BCB Bangladesh Cricket Board BCB Benzocyclobutene (low loss dielectric substrate) BCB Bumiputra-Commerce Bank BCB Broadcast Band ), which provides retail banking and other financial services to individuals and small to medium-size businesses within Australia; BT Financial Group Australia (BTFG), providing investment management and administration, retirement planning Retirement financial planning refers to a collection of systems, methods, and processes which, in their aggregate, support a family unit's (client's) desire to achieve a state of financial independence, such that the need to be gainfully employed is optional. , income protection, and life insurance services; Westpac Institutional Bank (WIB WIB Workforce Investment Board WIB Women In Business WIB Women in Black WIB Waktu Indonesia Barat (Western Indonesian time zone) WIB Western Independent Bankers (San Francisco, CA) WIB War Industries Board ), providing banking, financial and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to corporate, institutional and government customers, and supplying financial products to small and medium-size businesses primarily in Australia and New Zealand, and New Zealand Banking, providing a range of retail, commercial and other financial services. Source: Westpac Banking Corporation Contact: Bill Evans, Chief Economist (61-2) 8254 8531 Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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