January 20, 2023 00:01 GMT
January Consumer Confidence Dip Ends Q4 Rally
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UK CONSUMER CONFIDENCE JAN -45 (FCST -40); DEC -42
- UK confidence slipped by three points to -45 in January, against expectations of a further two-point improvement. This remains only four points above the September historic low and signals a break in the three-month run of increasing confidence.
- All sub-indices remain severely depressed. The lack of improvement in the assessment of 12-month economic outlooks paints a gloomy picture for the start of Q1, whilst the solid decline in the major purchases index implies that spending will remain pressured in the near term, along with growth.
- UK December Retail sales due at 0700 GMT are projected to see some recovery in holiday-season spending in December (in line with CBI distributive trades data), up +0.4% m/m after a -0.3% m/m slide in November.
- Looking forward, dampened January consumer confidence implies a weaker start to 2023.
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