Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK consumer confidence bounced back in November, recovering losses seen the previous month, but the volatility in recent readings suggests a country unsure of its economic outlook the head of a leading survey said Thursday.
"Recent ups and downs in confidence underline the confusion consumers have at the moment, unable to gauge from one month to the next just what the outlook is," Gfk's Client Strategy Director Joe Staton told MNI in an interview.
"Encouraging news about falling inflation and wage growth is offset by high personal taxation and still costly fuel and energy bills," Staton said, though he noted that news of a sharp decline in headline inflation to 4.6% came after the survey closed.
IMPROVEMENTS IN ALL SUB-INDICES
Improvements were seen across all five of Gfk’s sentiment indices in November, with the overall index score increasing six points to -24. Confidence in personal finances over the next 12 months gained five points to -3, or 26 points higher than this time last year, with Staton noting that his favoured measure indicated that consumers were "thinking about their future with increased confidence and willingness to look beyond the short-term".
It's unusual to see a sharp uptick in confidence in November, Staton noted, despite the often-upbeat pre-Christmas mood. However, this month’s reading suggests retailers could be in for a surprise boost on the high street over the Black Friday and Cyber Monday weekends.
"Despite the still acute cost-of-living pressures, it seems many would still like to loosen their purse strings just a little so they can enjoy that feel-good factor we all associate with the holidays," he said.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.