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Consumer confidence unexpectedly rises in August
Wed, 08 Feb, 2012
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Consumer confidence unexpectedly rises in August
Tue, 31 Aug 2010, 08:43:00
Consumer confidence rose unexpectedly in August despite continuing nervousness over economic prospects, according to new figures from the market research group GfK NOP. The group's consumer confidence index rose by four points to -18, the first overall increase since February. Analysts had been expecting it to fall two points to -24. However, the figures are more likely to be seen as staving off the prospect of a double-dip recession than auguring a sharp recovery. Consumers became more confident about their personal finances and the 'general economy', but the 'major purchase index', which gauges consumers' willingness to splash out on big-ticket items such as cars and washing machines, slipped four points to -20. 'Overall consumer confidence has been in constant decline for the last five months and a further fall would have made a double-dip recession seem a very real prospect,' said GFK NOP Social Research managing director Nick Moon. 'The government will undoubtedly read these figures with a great deal of relief.' He noted a sharp rise in confidence over the economy over the next 12 months - to -14 from -25 - but added that 'this gain merely reverses a similarly large drop in July and in reality confidence in the economy's future prospects remains below its June level and similar to May 2009 when we were still in the grips of a recession.'
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