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View all search resultsConsumer confidence hits 3-year low on job market jitters
The current job availability index fell further into pessimistic territory at 93.2, highlighting lingering pressure in the labor market.
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Customers are pictured on June 10 at a shopping mall in the Semanggi area of Central Jakarta. (Antara/Luthfia Miranda Putri)
T
he consumer confidence gauge fell to its lowest level in three years in August amid job market worries and weaker household spending, while retail activity showed signs of cooling.
According to Bank Indonesia’s (BI) latest monthly survey, published on Wednesday, the consumer confidence index (CCI) slipped 0.9 points in August to 117.2 from 118.1 in July, marking its weakest reading since September 2022.
The index has remained below 120 points since May.
In a press statement accompanying the survey results, BI spokesman Ramdan Denny Prakoso said the latest data “indicated” that consumer confidence in the economy remained intact, as the index stayed above the 100-point threshold separating optimism from pessimism.
The current economic conditions index fell 1.5 points to 105.1, while the consumer expectations index, which reflects respondents’ perception of the economy over the next six months, dropped 0.4 points to 129.2.
Both subindexes are composed of three indicators that reflect respondents’ expectations for income, job availability and business activity.
While perceptions of current income and durable goods purchases remained only slightly above 100, the current job availability index fell further into pessimistic territory at 93.2, highlighting lingering pressure in the labor market.
