UK Consumer Confidence Rises In September

UK Consumer Confidence Rises In September


Confidence among British consumers increased in September to reach its highest level since June 2011, offering "some grounds for optimism" to the government, research firm GfK NOP said Friday.
The consumer confidence index improved to -28 in September from -29 in August. "Small though this month's rise is, the Index is now higher than at any time since June last year, which the Government and retailers will hope means that we could be seeing the start of an uplifting Autumn," said Nick Moon, Managing Director of Social Research at GfK.
Two of the five measures saw increases this month, with the remaining three measures staying unchanged.
The index measuring changes in personal finances during the last twelve months stayed the same this month at -21, while the forecast for personal finances over the next twelve months increased two points to -8.
The measure reflecting consumers' opinion of the general economic situation of the country during last year increased one point to -54. Households' one-year ahead expectations for the economy remained unchanged at -27.
The major purchases measure remained steady at -31, while the 'now is a good time to save' Index decreased five points to -18.
"We will have to wait for next month's figures to see if there has been a real change in public mood and people are beginning to feel more secure economically just in time for Christmas or whether this is just an end-of-Summer blip," Moon said in the report.
Official data on Thursday showed the British economy contracted less than previously expected in the second quarter. According to the latest estimates, the gross domestic product shrank 0.4 percent sequentially following 0.3 percent fall in the first quarter and 0.4 percent drop in the fourth quarter of 2011.
The figures also revealed that the rate of decline in household consumption was less severe than thought. Consumer spending fell 0.2 percent quarter-on-quarter during the period, according to the revised data.