Consumer confidence slides in January
Friday 30th January 2009, 12:01AM GMT.
Consumer confidence slipped further into the red in January as the UK officially went into recession.
The latest consumer barometer from GfK NOP showed the index dropping four points to minus 37.
In the last 12 months the index has fallen 24 points overall as the true extent of the global financial crisis became apparent.
The barometer measuring overall confidence in the economy this year recorded a seven-point slide, while the index measuring whether or not now is a good time to save slipped ten points to minus 18.
Rachael Joy of GfK NOP’s consumer confidence team said difficulties in the jobs market for younger Britons were contributing to the index’s dive.
“One of the most noticeable changes in overall confidence was apparent when we looked at the 16-29 year olds; taking this segment on their own, they showed a large confidence drop of ten points over the last month,” she said.
“This perhaps is a reaction to the recent spate of reported job losses, with fears that those wanting to enter the job market will be unable to do so.”
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