Consumers optimistic

CONSUMER sentiment has bounced back after two weeks of decline on the back of optimism about economic conditions amid strength in the labour market.

The latest ANZ-Roy Morgan Consumer Confidence Index, released yesterday, has hit its highest level since April.

ANZ head of Australian economics David Plank said the broadbased improvement in sentiment was encouraging.

“The rise in confidence likely reflects ongoing strength in the labour market and appears to have outweighed consumers’ concerns about the rise in retail electricity prices,” he said. Official data showed about 140,000 jobs were created in the three months to May and the unemployment rate fell 5.5 per cent.