UK Consumer Confidence Highest Since Jan 2008: GfK NOP

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British consumer confidence rose to the highest level in nearly two years in October, as most of its sub-indexes showed improvement, survey results released Friday by the GfK NOP showed Friday.

The GfK NOP consumer confidence index rose three points to minus 13, the highest score since January 2008. "While this is still in negative territory, we have now not seen a drop in the monthly confidence rating throughout 2009 - indicating a steady, if cautious, uplift in British confidence in our economic situation," said GfK NOP's Rachael Joy.

The survey, conducted by GfK NOP on behalf of the European Commission, showed that confidence in the general economy over the last twelve months jumped by ten points to minus 53, the highest reading since April 2008. However, a measure for confidence over the next twelve months declined. It fell one point to 3, but was in positive territory for only the second time since June 1999.

Further, an index that measures changes in personal finances during the last twelve months has improved by one point from September and six points from last year to a score of minus 12. The forecast for personal finances over the next twelve months increased one point from September to a score of 6. This is eighteen points higher than October 2008.

The major purchases measure has risen by three points to minus 12, up by thirty-one points on last year. The 'now is a good time to save' index, has dropped one point to minus 6, fifteen points lower than in October last year. Joy said consumers are still wary of the future and so the overall trend towards uplift is still fragile.

British consumer confidence rose to the highest level in nearly two years in October, as most of its sub-indexes showed improvement, survey results released Friday by the GfK NOP showed Friday. (Market News Provided by RTTNews)