21/03/2011 - 08:56

Consumer confidence still low: CCI

21/03/2011 - 08:56

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Western Australia's Chamber of Commerce and Industry says only a third of respondents to a recent survey believe economic conditions will improve over the next three months.

Western Australia's Chamber of Commerce and Industry says only a third of respondents to a recent survey believe economic conditions will improve over the next three months.

CCI chief economist John Nicolaou said the latest Curtin Business School/CCI survey
indicated confidence in the state's economy had deteriorated to its lowest level since the trough of the global financial crisis.

The number of respondents that said they believed the economy would improve over the next three months fell to 34 per cent, down from 40 per cent in the previous quarter.

"This result highlights how vulnerable consumers feel in the post GFC economy," Mr Nicolaou said in a statement.

"The fall occurred despite many households reporting improved finances and job opportunities, and a growing confidence about buying property.

"The drop in consumer sentiment was greatest among those living in country areas, middle income earners and young people."

Despite the short term uncertainty, Mr Nicolaou said almost two thirds of respondents expected the economy to improve over the next year.

 

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