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Consumers' mood picks up slightly but remains subdued
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CHINA consumer sentiment increased slightly this month, but confidence remained relatively subdued in spite of signs of a pick-up in activity following action by the Chinese authorities to underpin growth.
The Westpac MNI China Consumer Sentiment Index increased 1.9 percent to 114.8 last month from a near one-year low of 112.6 in June, the Australian bank and the German financial news company Market News International said in a joint report today.
Sentiment was further above the break-even 100 level, meaning that optimists outnumbered pessimists, but confidence remained below the 118.9 average seen over the past 12 months.
"Consumers appear more convinced that actions taken by the government will help to support the economy over the long term, but remain less optimistic about the current state of business or their own personal finances," Philip Uglow, chief economist of MNI Indicators, said in the report.
Westpac's senior international economist Huw McKay said: "A month ago the employment indicator was sitting at levels that have been associated with policy easing in previous cycles. A further decline from those already depressed levels in July implies that it would be unwise for the authorities to declare victory too early on the growth front."
"On the financial front," he added, "consumers are now broadly neutral on stock price direction over the next three months, after being quite negative in June."
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