Australian Consumer Confidence Falls 0.7%- Westpac (12 Mar - TopicsExpress

Australian Consumer Confidence Falls 0.7%- Westpac (12 Mar 2014) Australian consumer confidence fell in March, extending its decline from a post-election peak in November, as consumers grew more pessimistic about the economic outlook due to rising unemployment. A Westpac Banking Corp./Melbourne Institute index of consumer sentiment fell 0.7% in March from February to 99.5 points, below the 100-point level that means optimists outnumber pessimists. Australias unemployment rate hit its highest level in more than a decade in January, rising to 6%. The Reserve Bank of Australia cut interest rates to a record low 2.5% in August last year--its eighth cut since late 2011--seeking to counter the effects of falling Chinese demand for resource-rich Australias minerals exports. The most rate-sensitive sectors of the economy, including consumer spending and manufacturing, have so far been slow to respond to the string of rate cuts, however, and car manufacturers and airlines have announced major job cuts in recent months. Powered by Commodity Insights

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