There's evidence consumers are feeling more confident. The latest Westpac Melbourne Institute Consumer Sentiment Index shows confidence surging by nearly 13 per cent in November. Westpac says Christmas spending plans look less restrained than last year. Retailers are expecting it will translate into the biggest Black Friday yet. And they might be in luck, Westpac's Head of Australian Macro Forecasting says the domestic economy is gaining momentum "especially around consumer demand and housing markets." And consumers have cash in their pockets, with the jobs market proving very resilient after a better-than-expected jobs report. ABS figures show the unemployment rate fell to 4.3 per cent in October, undercutting RBA and market forecasts. More than forty thousand jobs were added in the month. But as a result borrower's hopes of a rate cut have been pushed well into next year.
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