United Kingdom: Consumer confidence drops sharply
February 28, 2011
In January, the consumer confidence index produced by the Nationwide Building Society (NBS) decreased to 47 points. The drop almost entirely reversed the gains made in December and, as a result, the index is now only a notch above the reading in November, which had marked the lowest level since the trough of the crisis at the start of 2009. The deterioration in consumer sentiment was broad-based, with drops in all sub-components of the index. In particular, respondents were significantly less upbeat regarding the purchase of major goods. However, the respondent's assessment of the economy in the next six months also deteriorated markedly.