United Kingdom: Consumer confidence declines in August
August 31, 2011
In August, the seasonally adjusted consumer confidence index elaborated by GfK NOP declined 1 point over the previous month to settle at minus 31 points, coming in above market expectations that had seen the index falling to minus 33 points. The August decrease in consumer sentiment mainly reflected a deterioration in the general economic situation over the next 12 months, which declined by 4 points. On the other hand, respondents to the survey were somehow less pessimistic regarding their personal financial situation over the next 12 months. Nevertheless, the climate for major purchases index remains subdued and showed no change in August. Deteriorating consumer sentiment augurs ill for private consumption in the near term.