Sydney, April 10 (IANS) Australian consumer confidence stumbled unexpectedly in April after strong gains in the past two months, a survey released Wednesday by the Westpac Banking Corp and Melbourne Institute found.
The Westpac/Melbourne Institute index of consumer sentiment fell by 5.1 percent in April to 104.9 points, from 110.5 in March, reported Xinhua.
A reading above 100 indicates optimists outnumber pessimists among respondents.
Westpac chief economist Bill Evans said a 5.1 percent fall in consumer sentiment in April was not expected.
“This result emphasizes how fragile consumer confidence has become in the current environment,” he said in a statement Wednesday.
Evans said the combination of global financial concerns and an associated correction in the share market, as well as concerns about a possible rise in interest rates, have dampened confidence.
The opinions, beliefs and viewpoints expressed by authors, news service providers on this page do not necessarily reflect the opinions, beliefs and viewpoints of Hill Post. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual.
Hill Post makes no representations as to the accuracy or completeness of any information on this site page.
