LONDON (MNI) – UK consumer confidence slid back in December,
partially reversing its rebound in November, according to the
latest Nationwide survey.
The December Nationwide Confidence Index fell to 38 from 40 in
November, only two points off its record low of 36 in October. The data
show confidence just twitching month-by-month around historically
depressed levels.
The December Confidence Index was the second lowest on record as
was the expectations index, which fell to 50 from 55 in November and up
from the all time low of 48 in October.
The 38 outturn was 39 points below the series’ long run average of
77 and seventeen points down on a year ago.
Commenting on the survey, Robert Gardner, Nationwide’s Chief
Economist, said: “While disappointing, the results are not surprising.
Right to the end, 2011 was an extremely tough year for UK consumers.”
The link between consumer confidence and spending is far from
clear. Analysts expect December retail sales to come in strong, with the
median forecast for a 0.7% rise on the month, with the data out on
Friday.
–London newsroom: 4420 7862 7491 email: drobinson@marketnews.com
[TOPICS: MABDS$,M$B$$$]
