United Kingdom: Consumer confidence inches down in October
October 31, 2013
The GfK NOP consumer confidence index inched down from minus 10 points in September to minus 11 points in October. The reading undershot market expectations of an improvement to minus 8 points.
The slight deterioration came mainly as a result of consumers' less optimistic views regarding both their personal finances and the state of overall economy in the next 12 months. Consumers' assessment of the general economy over the past 12 months was unchanged from last month. Conversely, household sentiment regarding the ability to make major purchases improved over September, reaching the highest level in nearly three years.
FocusEconomics Consensus Forecast panelists expect private consumption to expand 1.7% in 2013, which is up 0.1 percentage points over last month's estimate. For 2014, the panel sees private consumption expanding 1.9%, which is up 0.2 percentage points from last month's estimate.
Author: Dirina Mançellari, Senior Economist