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UK consumer confidence hits low
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Posted by: forwardone
Consumer confidence, as measured by a popular survey conducted by Nationwide, fell to its lowest level in January since May 2004 when it was first conducted.
The number of people confident about the outlook for jobs fell to 36 per cent of those surveyed from 44 per cent last month, despite official data showing UK employment at record levels.
Moreover, there is growing gloom over prospects for house prices, with a general expectation of a 0.2 percentage point drop in house values over the coming six months against an expectation of a 0.7 percentage point rise in December.
However, in stark contrast to the overall tone of the survey, consumers seemed determined to keep on spending. Of those surveyed, 44 per cent think now is a good time to buy household goods. Nationwide noted that the optimism may be a response to heavy discounting by retailers at the end of December and into early January.
Martin Gahbauer, Nationwide’s senior economist, said: ”The continued downward trend in consumer confidence in January is not unexpected in light of current uncertainties about the economic outlook.” He cited sharp falls in share prices, a weaker pound and rising prices for basic goods as factors contributing to pessimism.
The overall index fell fell four percentage points in January to 81 from 85.
FT.com
Posted by: clifton
Wow the HYIP crash caused the worlds recession! Joking of course 
But the things aren't looking nice right now, globally.