Consumer confidence rises slightly in February
Consumer confidence rises slightly in February
Wednesday 4th March 2009
Consumer confidence rose slightly in February with research suggesting people have become more optimistic about the future of the economy.The Nationwide consumer confidence index published today rose for the first time in four months.
The authors claim the monthly confidence index rose because of an increase in the number of people who believe the country's economy will improve in six months time, with 19 per cent stating they thought it would be better.
Forty-three per cent of people surveyed said they thought it would be worse, an improvement on the 53 per cent who expected further problems in January.
The number of people who thought the employment situation would improve also increased slightly in February.
Overall the confidence index rose by two points to 43 in February.
However, confidence in the current economic situation fell for an eighth consecutive month in February.
Only two per cent of the 1,000 people questioned said they thought the economy was currently in a good position, with 86 per cent saying they thought it was in a bad way.
The report suggests the continuing bad economic news in major industries may have dampened perceptions of the current situation.
Commenting on the figures, Fionnuala Earley, Nationwide's chief economist, said: "Consumers' views about the current economic and labour market conditions are in line with the recessionary climate in the UK.
"However, their increased optimism about the future is encouraging."
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