Australia’s consumer confidence recovered in May from a very low level, survey data from Westpac showed on Wednesday.
The Westpac-Melbourne Institute Index of Consumer Sentiment rose to 88.1 in May from 75.6 in April.
Although the turnaround in the score was the biggest monthly gain since the survey began nearly fifty years ago, the latest reading was the second lowest since the global financial crisis.
Among components of the index, consumers’ financial situation compared to a year ago increased to 74.3 in May from 70.4 in the previous month.
The index measuring consumer’s financial situation for the next year rose to 102.0 from 90.9 in the preceding month.
Likewise, assessment of economic condition for the next 12 months strengthened, with indicator rising to 71.2 from 53.7 in the prior month.
The sub-index ‘time to buy a major household item’ surged to 96.6 from 76.2 in April. The ‘[economy][1] next five years’ index came in at 96.3 in May versus 87.0 in April.
The survey showed that unemployment expectations index improved in May and respondents were more confident about the job security.
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