Friday, March 18, 2011
Very weak consumer confidence
Posted by David Smith at 08:30 AM
Category: Thoughts and responses

Consumer confidence was very weak last month, according to the Nationwide Building Society. Its index fell by 10 points to 38 between January and February, to its lowest level since the index began in 2004. That's not a very long track record but it does cover the period of the worst post-war recession.

The index isn't yet up on the Nationwide website, but spending intentions and consumer expectations were particularly weak. High inflation, rising taxes and fear of spending cuts are taking their toll. The squeeze on incomes is going down like a lead balloon with households, even without international instability.