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July 28, 2016

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Chinese consumers’ confidence shrinks

CHINESE consumers saw their confidence dip in July as they grew more nervous about their personal finances and weakness in the labor market, which saw them not buying big-ticket items.

The MNI China Consumer Sentiment Indicator fell 1.6 percent to 114 points in July from 115.9 a month ago, compiler Market News International said yesterday.

Although sentiment remained above the 100-point break-even level, it was still below the indicator’s historical average of 119.7.

The index for current personal finances shed 2.3 percent on the month to 105.2 and hopes for the future fell 1.9 percent to 113.8 as consumers were less optimistic over their current and future household financial situation.

Respondents were also pessimistic about the labor market. The employment outlook indicator fell to 98.3 in July after expanding in June, the first time in almost two years.

Sentiment toward the stock market also plunged 7 percent after the UK’s vote to leave the European Union caused turmoil in global equity markets.

“There are certainly a lot more negatives than positives that can be drawn from the July data, particularly the more downbeat readings on personal finances and the outlook for jobs,” said MNI Indicators senior economist Andy Wu.


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