Turmoil in financial markets and concerns about the Chinese economy have hit the confidence of Australian consumers
The index of the Westpac / Melbourne Institute showed that consumer sentiment fell by 5.6 per cent in September to 93.9 points, which is well below 100 points. The figures show that there are more pessimistic about the economy than optimistic.
Bill Evans, chief economist at Westpac said the decline was not surprising, given the recent spate of weak economic news and the severe turmoil in financial markets.
"This heightened anxiety about the global economy unnerved respondents labor market," he said.
The Australian dollar remained calm in anticipation of the coming data.
Jr Trader E. Dimitrov
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