SYDNEY (Reuters) - A measure of Australian consumer sentiment fell back in August, undoing some of the previous month's surprise jump, as the mood on the economic outlook turned more cautious.
The Melbourne Institute and Westpac Bank <WBC.AX> index of consumer sentiment fell 2.3 percent in August, versus July when it climbed 3.9 percent.
Wednesday's index, compiled from a survey of 1,200 people, was still up 8.6 percent on August last year at 103.6, meaning optimists continued to outnumber pessimists.
"Despite the latest decline, the Index is still in positive territory overall, 5.5 percent above the average in 2014 to 2017," said Westpac chief economist, Bill Evans.
"August marks the ninth successive month that the index has
been above the 100 level."
In a reversal from July, the survey's measure of economic conditions for the next 12 months dropped 4.9 percent, and the measure for the next five years lost 3.1 percent.
Measures of personal finances also eased. The index of family finances compared to a year ago dipped 0.5 percent and the outlook for the next 12 months fell 1.1 percent.
The index of whether it was a good time to buy a major household item eased 1.7 percent, undoing all of July's gain.
Consumers were less upbeat on the outlook for jobs, expecting little change in the unemployment rate over the next year or so.
Views around buying a home improved in August as prices fell in Sydney and Melbourne, with that index rising 5.5 percent to be up 15 percent on a year earlier. The index reached its highest since September 2016 at 108.8.
(Reporting by Wayne Cole; Editing by Eric Meijer)
