SYDNEY, Nov 15 (Reuters) - A measure of Australian consumer sentiment eased back in November, unwinding some of October's jump to its highest for the year, with uncertainty over the economy returning to the fore.
The survey of 1,200 people by the Melbourne Institute and Westpac Bank WBC.AX published on Wednesday reported consumer sentiment fell 1.7 percent in November, after a 3.6 percent increase the month before.
The index reading of 99.7 meant pessimists again slightly outnumbered optimists.
"Last month's return to slight optimism has proven to be short-lived," said Westpac chief economist Bill Evans.
"Overall, the consumer mood has been downbeat in 2017 with clear pressures on family finances and an uncertain economic outlook weighing on sentiment," said Evans.
While employment growth has accelerated sharply this year, wages lagged badly behind and pressured household spending.
A survey of businesses out this week confirmed the retail sector was under heavy pressure, even as activity across other industries was the best in two decades.
Wednesday's survey showed its index of whether it was a good time to buy a major household item fell 3.3 percent in November.
Evans noted a special question on Christmas spending plans showed just under a third expected to spend less on gifts this year than last. Some 54 percent expected to spend about the same and just 11 percent to spend more - the lowest share since the question was first included in 2009.
Caution about the economic outlook seemed to be the main factor for the retreat. The measure of economic conditions for the next 12 months dropped 6.2 percent and that for five years fell 2.2 percent.
There was some brighter news on the health of family finances with the measure edging up 1.3 percent compared to a year ago and the outlook for the next 12 months rising 2.9 percent.