UK DATA: Feb Consumer Confidence Falls To Record Low – Nationwide
–UK Nationwide Feb Consumer Confidence 38 Vs 48 In Jan
–UK Nationwide Feb Spending Index 52 vs 70 in Jan
————————————————————————
The Nationwide UK consumer confidence slumped from 48 in January to 38
in February, hitting its lowest level since the series began in May
2004. The fall was again driven by a sharp deterioration in the
Expectations Index with the gauge that shows consumers’ assessment of
the economic and employment situation in six months’ time falling to 50
from 64 in January. Growing pessimism towards spending forced the
Spending Index down to 52 points in February from 70 in January – also a
record low. Consumers were downbeat about the economy. In all, 75% said
the current economic situation was bad with 69% saying not many jobs
were available.