Consumer anxiety about the job market fell for an eight consecutive month in October and at a rate not seen since 1996, following official figures that showed the jobless rate fell in the month, a survey shows.
The Westpac-Melbourne Institute survey of unemployment expectations index fell 14.6 per cent in October to 112.38.
It was the largest month on month fall since March 1996, Westpac economist Anthony Thompson said in a statement on Thursday.
Mr Thompson said the index had fallen 38.6 per cent after peaking at 180 in February.
"Consumers' unemployment expectations recorded its eighth consecutive fall in October, continuing their rapid downtrend since peaking in February," he said.
"The unemployment expectations index fell 14.6 per cent in October to 112.38 after a 3.6 per cent fall previously, for a cumulative 38.6 per cent fall from their February peak."
Mr Thompson said the outlook for the next seven months had improved in trend terms, with deviation measure down for the seventh consecutive month to 0.7 per cent in October from 12.9 per cent in September.
It was the the lowest since May 2008.
The October survey of 1200 people aged 18 years and older was conducted from October 5 to 11.
In that time, the central bank lifted the cash rate, for the first time in 19 months, from three per cent to 3.25 per cent.
In the same week, Australian Bureau of Statistics data showed the economy had spawned 40,600 new jobs in September and the unemployment rate dropped from 5.8 per cent to 5.7 per cent.
AAP
