Pete Wargent Daily Blog: Pandemic downturn 'continues to confound'

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Tuesday 27 October 2020

Pandemic downturn 'continues to confound'

Confidence at 8-month high

According to CommSec, reporting the latest ANZ-Roy Morgran Consumer Confidence figures, the downturn continues to confound, with confidence rebounding quickly.

Confidence is still below its long-run average, but lifted to the highest level in 8 months this week:

Source: Commsec

The economy is expected to be weak over the coming year, but the stimulus has done its job and families feel considerably more secure in their finances than they were a year ago.

Inflation expectations hit a fresh record low, with another weak result expected in tomorrow's CPI (inflation) release for the September 2020 quarter.