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Job outlook fires consumer sentiment
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CHINA’S consumer sentiment rebounded this month, thanks to positive employment outlook and better expectations of personal finances.
The Westpac MNI China Consumer Sentiment Indicator rose 3.7 points to 115.2 in September, the highest level since June, from 111.5 in August, Market News International said yesterday.
The sub-category of personal finances rose 7.6 points while the outlook for business conditions for one year was up 5.4 points.
Both long and short-term measures of expected business conditions made solid gains in September. Among those who thought business conditions over the year would improve, 32.1 percent cited supportive government policy as the main reason for optimism.
“The September data is encouraging and the results hint at some resilience in sentiment which might suggest spending may not be quite as weak as feared,” senior economist of MNI Indicators Andy Wu said.
The improvement for household finances and business conditions were supported by the improvement in expectations for the labor market, with the employment outlook indicator, which increased for the first time in four months, rebounding more than 7 points to 99.5 in September.
“Even with a recovery sentiment, it is still at a low level overall and yet to establish a convincing recovery,” according to Westpac senior economist Matthew Hassan.
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