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The January edition of the Westpac-MI Consumer Sentiment Index showed cost-of-living pressures and concerns over elevated interested rates remain firmly entrenched in the minds of consumers. Highlighting the significance of these factors, at 81.0, the index is currently among the bottom 7% of observations since the inception of the survey in the 1970’s. Perceptions of ‘family finances versus a year ago’ are almost 30ppts below long-run average levels and expectations for the year ahead are 13ppts below average. It is unsurprising then ‘time to buy a major household item’ fell heavily in the month to be 37ppts below average. In 2023, the labour market provided a degree of insulation against cost pressures, offering opportunities to find a better job or pick up more hours. Views here are beginning to shift however, the Unemployment Expectations Index softening to 130.7 in January, a result slightly above the long-run average.

United kingdomChristopher wallerBrookings instituteLabour forceDecision maker panelSentiment indexUnemployment expectations indexDecember labour forceBlack fridayFederal reserveBeige bookFederal reserve districtsGovernor christopher wallerGovernor waller