Post by account_disabled on Feb 22, 2024 0:54:49 GMT -5
UK consumer confidence rose for a second consecutive month in September to reach the highest level since supported by strong wage growth and falling inflation, according to data published on Friday. The consumer confidence index, a measure of how people view their personal finances and broader economic outlook, rose four points to - in September, up from a record low of -in September and the best reading in 20 months, according to the GfK research group. saying. The reading was also much better than the drop from - in August predicted by economists in a Reuters poll. Joe Staton, director of client strategy at GfK, said: "While this month's overall score improvement is good news, it is important to note that many households are still struggling with the cost of living crisis and that conditions economics are difficult.
Sandra Horsfield, an economist at Investec, said consumer confidence was supported by “still strong wage growth in the face of a cooling trend in inflation and what remains low unemployment”. Inflation Pakistan Phone Number fell more than expected topercent in August, according to official data released Wednesday. Food inflation, which mainly affects people with lower incomes, also decreased to percent last month from 14.8 percent in July. Meanwhile, wages grew percent in the three months to July, the fastest pace since records began in . The recent correction in mortgage rates from their highest level in 15 years, following expectations that the Bank of England will not increase the cost of borrowing in the short term as much as was forecast a few months ago, could also have contributed to the improvement of trust.
Economists warned that a weakening economy and an expected rise in unemployment risk reversing the survey's best readings in the past two months. Other pressures on confidence come from more people facing higher borrowing costs as they reach the end of fixed mortgages whose rates were decided when interest rates were at record lows. In September, the GfK index was boosted by increases in all its categories. Respondents reported much more optimistic views about the overall economic outlook, while households' expectations about their personal financial situation in the coming year continued to improve marginally. Staton said a four-point increase in the index that tracks the likelihood of households making major purchases was particularly promising. With less than 100 shopping days until Christmas.
Sandra Horsfield, an economist at Investec, said consumer confidence was supported by “still strong wage growth in the face of a cooling trend in inflation and what remains low unemployment”. Inflation Pakistan Phone Number fell more than expected topercent in August, according to official data released Wednesday. Food inflation, which mainly affects people with lower incomes, also decreased to percent last month from 14.8 percent in July. Meanwhile, wages grew percent in the three months to July, the fastest pace since records began in . The recent correction in mortgage rates from their highest level in 15 years, following expectations that the Bank of England will not increase the cost of borrowing in the short term as much as was forecast a few months ago, could also have contributed to the improvement of trust.
Economists warned that a weakening economy and an expected rise in unemployment risk reversing the survey's best readings in the past two months. Other pressures on confidence come from more people facing higher borrowing costs as they reach the end of fixed mortgages whose rates were decided when interest rates were at record lows. In September, the GfK index was boosted by increases in all its categories. Respondents reported much more optimistic views about the overall economic outlook, while households' expectations about their personal financial situation in the coming year continued to improve marginally. Staton said a four-point increase in the index that tracks the likelihood of households making major purchases was particularly promising. With less than 100 shopping days until Christmas.