Economy

Consumer confidence at lowest level in a year

Consumer confidence at lowest level in a year”

The long-running barometer of consumer confidence, conducted by market researcher GfK U.K. Ltd for the European Union's executive, slipped by two points following a five-point drop the previous month, and stood at minus 12.

Confidence among consumers in the United Kingdom fell to its lowest level immediately after the Brexit vote last summer, a new survey has revealed. Four of the five measures decreased this month.

"The economic picture across the United Kingdom remains confusing and this mood is reflected in the overall index score, which is down by five points", GfK head of market dynamics Joe Staton said.

"The economic picture across the United Kingdom remains confusing and this mood is reflected in the score, but all bets must now be on a further drift downwards in confidence", GfK head of market dynamics, Joe Staton, said.

"All bets must now be on a further drift downwards in confidence", he said.

"With little chance of a notable improvement in any of those factors over coming months, we expect consumer confidence to remain weak, contributing to the sluggish trend of household spending", Daiwa Capital Markets commented in its latest research report.

The yield on the benchmark 10-year gilts, jumped almost 3 basis points to 1.23percent, the super-long 30-year bond yields rose 1-1/2 basis points to 1.86 percent and the yield on the short-term 2-year also traded almost 1 basis point higher at 0.26 percent by 10:30 GMT.

The measure of changes to personal finances over the last year fell one point to minus two - one point lower than this time last year - although the forecast for the next year increased by two points. The company said that overall consumer confidence was at its lowest level since July a year ago, falling to a balance of -12.

Expectations for the General Economic Situation over the next 12 months have decreased five points this month to -28; this is five points higher than July 2016.

The major purchase index, which gauges consumers' plans to make major purchases such as a auto, fell by two points to -1.



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