Consumer confidence rises to six-month high
Wednesday 3rd June 2009, 11:49AM BST.
Consumer confidence in the UK rose to a six-month in May, figures released today show.
The Nationwide Consumer Confidence Index rose by two points to 53, taking the index to its highest level since November.
The moderate rise is said to be a reflection of the continuing mixed news on the economy during the month of May, with analysts predicting confidence to fluctuate in the coming months.
The study found only six per cent of people asked thought the current economic situation was “good”, although 28 per cent said they thought the situation would improve in six months time.
Commenting, Martin Gahbauer, Nationwide’s chief economist, said: “What is clear from our findings is that while consumers remain pessimistic about the present situation, they appear to be much more confident about the future than they were at the beginning of the year.”
The Nationwide figures show spending confidence slipped slightly in May, with 39 per cent of people saying now is a good time to make a major purchase, down from 42 per cent last month.
Mr Gahbauer warned against too much optimism, claiming while some reports suggest tentative signs of a slowing in the pace of economic decline, it was important to keep in mind a number of sectors were continuing to contract and “any recovery is likely to be sluggish”.
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