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British consumer confidence remained unchanged for the third consecutive month in July, a closely watched survey revealed Friday.
The overall consumer confidence index stood at minus 25 in August. This was better than last year's minus 36 reading. But the reading still stays at a historically low level, a monthly survey conducted by the market research group GfK NOP showed. The consensus forecast was minus 24 for August. The annual moving average also improved in August to minus 31.
Among the sub indices, the index measuring past personal financial situation rose one point to minus 18, while forecast for personal finances over the coming year remained at zero. Meanwhile, the past assessment of general economic situation climbed 3 points to minus 69, while the expectation for the general economic situation slipped one point to minus 9.
According to Rachael Joy in the Consumer Confidence team at GfK, UK consumers are still cautious about the economy, they are less depressed than this time last year. Housing market improvement and economic recovery might lift the public confidence.
Further, the index measuring major purchases also declined one point to minus 26. And the savings index or 'now is a good time to save' index moved up 2 points to minus 10, which was the highest score this year.
The Nationwide Building Society survey had found that British consumer confidence rose slightly to 60 in July. This broadly stable confidence suggests that consumers are cautious, but not panicked by the economic climate.
A recent survey conducted by the Institute of Chartered Accountants in England and Wales found its business confidence monitor turning positive for the first time in two years. The business confidence monitor climbed to 4.8 in the third quarter, the biggest quarterly rise since the series began.
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