United Kingdom: Consumer confidence continues to slide
November 12, 2010
In October, the consumer confidence index produced by the Nationwide Building Society (NBS) fell 1 point over September to 52 points, which marked the lowest level in over 18 months. Consumer sentiment has been falling almost uninterruptedly after peaking in February, which points to a poor recovery in private consumption going forward. October's moderate drop was driven by a more negative assessment regarding the economic outlook for the next six months. However, on a positive note, respondents were slightly more upbeat about the current economic situation. Furthermore, respondents were also less pessimistic at assessing the present time as appropriate to make major purchases, such as buying a house or a car.