Confidence down after job cuts

Consumer confidence has fallen for the third consecutive week, new data shows.

According to the ANZ-Roy Morgan Consumer Confidence Index, consumer confidence declined 0.7 per cent last week to 109.6.

Confidence has fallen around five per cent over the past three weeks and is below its long-run average, sitting around levels seen 18 months ago.

Most areas of consumer confidence fell or were unchanged last week except for the area concerning consumers' 'financial situation compared to a year ago’, which rose very modestly.

The decline in the ANZ-Roy Morgan Consumer Confidence Index over the past three weeks coincides with announcements of staff terminations by Toyota and Qantas, as well as international woes in eastern Europe between Ukraine and Russia.

However, Roy Morgan Research claims that the beginnings of a recovery in job advertising in recent months could suggest a moderately stronger labour market will likely see confidence recover in the coming months.

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