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Chinese consumer sentiment falls on concern about finance, housing
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CHINESE consumers’ sentiment fell slightly for the second month in September as they're showing an increasing sign of being nervous about personal finance status and the housing market, a report shows today.
The Westpac MNI China Consumer Sentiment Index fell by 0.1 percent last month to 113.2, and it's down 7 percent since January, the Australian bank and the German financial news company Market News International said in a joint report.
The index hit the lowest level in the third quarter of this year since the fourth quarter in 2011.
Sentiment for business conditions in a year picked up a little but remained subdued, while sentiments for current and expected personal finance fell slightly.
Expectations for housing prices fell for the third consecutive month and fewer consumers regard housing as the “wisest place for their savings.”
Elsewhere, labor market concerns also picked up with employment outlook indicator falling for the fourth consecutive month to the lowest level since February 2009, highlighting the growing unease among respondents.
“Three months of consecutive decline of the employment sentiment, along with the weaker official economic data in July and August suggested that it would be unwise for the authorities to return to a neutral policy,” said Westpac’s Senior International Economist Huw McKay.
The proportion nominating “future loss of income or employment” as their main motivation for saving increased to the highest level on record, he added.
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