Consumer confidence up on better jobs data

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Petrina Berry
(Australian Associated Press)

Consumer confidence has bounced in the past week thanks to positive official jobs data which indicated a sustained turnaround in full-time employment growth.

The latest ANZ-Roy Morgan Consumer Confidence Index rose 2.3 per cent to 115.1 points in the week to July 23, following two consecutive weeks of declines.

Driving the improvement was a lift in households’ positivity around current and future financial conditions.

ANZ head of Australian economics David Plank said last week’s strong employment report, which showed an increase in full-time jobs, was behind the positivity.

“Consumers appear to have taken heart from the ongoing improvement in labour market conditions, in particular the large increases in full-time employment and hours worked,” he said.

The total number of people with jobs rose by 14,000 in the June, with full-time employment up by 62,000 and part-time jobs down by 48,000, the Australian Bureau of Statistics’ data released on Thursday showed.

Just over 115,000 full-time jobs were created in May and June combined, the biggest back-to-back gain in 29 years.

The unemployment rate was 5.6 per cent in June, unchanged from a revised May figure.

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