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Consumer Confidence Edges Up From Historic Lows

UK DATA
MNI (London)

(Repeat from 0001 BST)
UK OCT CONSUMER CONFIDENCE -47 (FCST -52); SEP -49

  • UK consumer sentiment edged up to -47 in October, inching off September's historic low and remaining severely depressed.
  • Improvements were largely due to small upticks in personal finance expectations and economic situation indexes.
  • Consumers are feeling the squeeze of relentless inflation and increasing interest rates pushing up mortgage costs.
  • Since July 2021 a sharp decline in the propensity to make major purchases has ensured.
  • This implies a continued decline in consumer demand, yet will do little to budge the BOE as inflation control takes priority above growth for now.
  • Today's September retail data is seen 0.5% m/m lower, marking month-on-month contractions for 10 of the 12 previous months, a trend likely to continue through the holiday season.


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