"On the back of strength in future finances and ‘Time to buy a household item’, consumer confidence recovered some lost ground – though it was only a modest gain after three weeks of decline. Weakness in economic conditions is still a concern, considering it is around multi-year lows. This week’s data could significantly impact sentiment, especially Q3 GDP. Annual growth may accelerate a touch, as last year’s weak Q3 report drops out, but this hardly points to an economy that is undergoing more than a gentle turn. And yesterday’s ANZ job ads for November highlighted that a gentle turn is unlikely to be enough to stop the unemployment rate moving higher. Consumer sentiment looks set to be challenged for a while yet."
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