United Kingdom: Consumer confidence rises in May to six-month high
May 30, 2013
In May, the the GfK NOP consumer confidence index jumped to minus 22 points from minus 27 points in April. The figure represents the highest reading in six months and beat market expectations that had consumer sentiment inching up to minus 26 points. GfK mentioned that "there are now some real signs that consumers, while hardly confident, are moving out of the feeling of despondency that the country has been mired in for the last year or so".
The monthly improvement was broad-based, with both the assessment of the general economic situation during the last 12 months and expectations over the next 12 months improving markedly over April. Respondents were also less pessimistic about their personal financial situation, while their judgment of the climate for making major purchases was unchanged over the previous month.
FocusEconomics Consensus Forecast panellists expect private consumption to expand 1.0% in 2013, which is unchanged over last month's estimate. For 2014, the panel sees private consumption expanding 1.4%.