UK confidence at rock bottom
FEARS that the economy is worsening has kept consumer confidence at extreme low levels, according to the Gfk confidence index published today, making consumers increasingly unlikely to commit to making major purchases.
The overall confidence index improved slightly, up from minus 31 in April to minus 29 in May, but the general economic situation index dropped from minus 57 to minus 58 and the climate for major purchases index slid from minus 30 to minus 32.
“In light of last week’s revised GDP figures, it’s worth noting that the index is at exactly the same level it was when the economy was entering recession in January and February this year,” said Gfk’s Nick Moon.