28 February 2001, 17:32 TODAY: index of UK consumer confidence
LONDON (MktNews) - A key index of UK consumer confidence fell three
points in February but remained positive, according to the latest
monthly survey published by GfK on behalf of the European Commission
Wednesday.
The GfK consumer confidence index dropped to +2 in February from +5
in the previous month. In February 2000, the index also stood at +2,
down from +8 in January.
Compared with January, each of the five measures contributing to
the headline index score fell. But compared with February last year, the
indices relating to perceptions of personal finances, the benefits of
saving and consumers' intentions to save rose, while those relating to
the general economy fell.
Expectations for the future of personal finances fell by one point
from January to +12, but this was still one point higher than a year
earlier.
The measure gauging perceptions of the development of personal
finances in the past stood at +4 in February, down one point from the
previous month but one point higher than a year earlier.
Meanwhile, consumers' expectations for the future of the general
economic situation fell to a score of -11. This was five points lower
than in January and three points lower than in February last year.
The measure of people's perception of the development of the
general economic situation dropped to -16, down four points from
February 2000.
More consumers now expect unemployment to rise. GfK put this down
to the announcement of redundancies at the Anglo-Dutch steelmaker Corus
and continuing publicity surrounding the job losses at carmaker Vauxhall
during February. The measure of expectations of higher levels of
unemployment rose by five points from January to +17. This is the
highest level seen since September 2000 but still less than half the
level reached in the winter of 1998/99.
Perceptions of the benefits of making major purchases in the
present climate fell from January to reach a score of +20 in February,
versus +19 in February last year. GfK noted that the index has dropped
in February in previous years, a pattern which may be associated with
the end of the winter sales, it said.
Consumers' perceptions of the benefits of saving in the current
climate fell by five points from January to +20, but this was still
three points higher than a year earlier.
The measure gauging savings intentions over the next twelve months
fell by four points from the previous month to +4 but was up five points
from the year-earlier level.
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