The Westpac-Melbourne Institute index of consumer confidence jumped in August, a move Westpac's chief economist Bill Evans called surpsing. Consumer confidence has posted a surprisingly strong rise. The Westpac Melbourne Institute index of consumer sentiment jumped to 99.5 in the first full week of August, from 92.2 in July. Despite the gain, the latest reading was still below 104.9, the average for the past 20 years, and below the 100 level where positive and negative survey responses are evenly balanced. Westpac's chief economist Bill Evans said the August number was "a very surprising result". Such large movements ... (full story)