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Consumer Confidence Remains Low in UK
The latest findings from the Nationwide Consumer Confidence Index conducted in the UK by TNS show that confidence in the current economic and employment situation fell further in June.
Views of the current economic situation were particularly negative - only 38% of people were positive about the current state of the economy - the lowest number in the two years the survey has been running. Growing uncertainty amongst consumers about the future of the economy, employment and household income is reflected by the increasing number of 'don't know' responses. Spending confidence weakened as the number of people thinking now is a good time to buy household goods fell to its lowest ever level.
The overall Consumer Confidence Index remained at 94 - the same as for May, whilst confidence in the current state of the economy continues its downward trend, falling to a new low of 89. However, consumers seem slightly more optimistic about the future.
Stuart Bernau, Nationwide's Executive Director, said: 'Consumer confidence has now been depressed for a number of months because people still feel concerned about the economy, jobs and the impact on their pockets as higher utility bills start to bite.'
The Consumer Confidence Index uses a baseline of 100, representing the level of consumer confidence in May 2004. TNS is online at www.tns-global.com .
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