Consumer confidence highest since July 2007

Submitted 10/09/2009

AAP

 

 

Consumers' confidence has soared to its highest level since July 2007, relieved that the economy has avoided recession and that the jobless rate will not be as bad as previously expected. The Westpac-Melbourne Institute consumer sentiment index, released today, surged by a further 5.2 per cent in September, and has now increased 34.4 per cent during the past four months. It is the largest four monthly gain in the 35-year history of the survey. "This a truly extraordinary result," Westpac chief economist Bill Evans said. "The standout story is the 'relief rally' for consumers - relief that the economy has avoided recession and that expected job losses have not materialised."