–UK Oct Consumer Confidence -32 Versus -30 In September
–Consumer Confidence Index Lowest Since Feb 2009
LONDON (MNI) – The GfK Consumer Confidence Index fell to a
32-month low in October, as the summer’s slump in confidence was
extended.
The GfK confidence readings are still holding above those seen
through half of 2008 and early 2009, when the recession was biting, but
are way below the series’ long run average.
The Consumer Confidence Index dropped to -32 in October from -30 in
September, its lowest outturn since the -35 outturn seen in February
2009. The record low was -39 recorded in July 2008, with the long run
average -8.
The index has posted -30 or lower since July, having picked up to
-21 in May in the wake of the Royal Wedding and bolstered by
unseasonally warm weather.
With economic growth faltering and turmoil in markets and the euro
zone cold reality seems to have bitten consumers .
The personal finacial situation readings for October for the past
and next 12 months both held steady compared to September, at -24 and
-10 respectively.
Consumers are more reluctant, however, to make a major purchase
with this reading dropping to -32 from September’s -28.
They are also gloomier about the economic outlook, with the reading
for the economy over the next 12 months falling to -31 in October from
-27 in the prior month.
The GfK/NOP survey was carried out between Sep 30 and Oct 9, with
the tail end of the survey coming after the Bank of England
Monetary Policy Committee relaunched quantitative easing.
–London newsroom 44207 862 7491; email: drobinson@marketnews.com
[TOPICS: M$B$$$,MABDS$]