UK Still Following US Into Tank: Consumer Confidence Plummets

U.K. consumer confidence cratered 11 points in July to 51 in the Nationwide Building Society sentiment index. It was the biggest drop in at least 4 years and the lowest level since the survey began in May 2004. Why are UK consumers so dour? This sound familiar?

  • plummeting housing prices
  • rising unemployment
  • accelerating inflation
  • continuing rise of food and energy costs

What else did the Nationwide survey find? Nothing good:

  • 2/3 said the current economic situation is bad
  • 85% predicted it will be the same or worse in six months’ time
  • 42% of people predicted there will be fewer jobs available in six months’ time

Some economists believe the recession has already hit the U.K. (Bloomberg):

“The U.K. economy is already in a recession or close to a recession,” former Bank of England policy maker Sushil Wadhwani said in an interview with BBC Radio 4 today in London. “All forward-looking data for activity suggest a weakening…”

See Also:
UK (And Eurozone) Headed For Recession, Global Dominoes Falling One By One

Europe Continues Slide Down Tubes: 80% in UK See Recession






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