In line with our expectations, Indonesia's consumer confidence index displayed marginal uptick from a four-month low of 123.3 in June to 123.4 in July 2024. This subtle upturn suggests a cautiously optimistic sentiment among consumers regarding the nation's economic landscape. The slight improvement was predominantly fueled by enhanced perception of the current economic conditions, which increased to 113.5 from 112.9 in the prior month. Notably, there was a marked improvement in the perception of job availability compared to six months ago, with the index rising to 107.7 from 106.8. This indicates a growing confidence in the labor market, suggesting that more job opportunities are becoming accessible. Additionally, the current income index edged up to 121.4 from 120.8, signifying perceived improvement in household earnings. However, the outlook for the coming months presents a sluggish picture. Income expectations for the next six months softened to 137.7 from 138, suggesting some apprehension about future earnings. Additionally, the outlook for job availability remained muted at 131.7, indicating stable but not improving confidence in future employment prospects. Expectations for the overall economic outlook also took a slight hit, decreasing to 133.3 from 133.8. This dip suggests that while current conditions are viewed positively, there is some uncertainty about the trajectory of Indonesia's economy in the near term. Indonesia is likely to see a relatively flat index in the coming months, driven by the lagging effects on consumption and constrained production capacity, as shown by persistent month-on-month deflation and July's subpar PMI of 49.3. These factors present potential obstacles to achieving the government's FY24 economic growth target of 5%+(SSI's projection: 4.9%). The post Indonesia Consumer Confidence Index July 2024 appeared first on Samuel Sekuritas Indonesia.