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British consumer confidence improved moderately in January, a survey conducted by market research firm GfK NOP showed on Friday.
The consumer confidence index stood at minus 17 in January compared to minus 19 in the previous month. The annual moving average also improved and stood at minus 24, the firm said. A year ago, the index stood at minus 37.
Three of the five components of the consumer confidence index experienced an improvement. The sub-index measuring general economic situation over the last 12 months climbed to minus 57 in January from minus 61 in the preceding month, while the sub-index measuring general economic situation over the next 12 months rose to minus 2 from minus 6. The sub-index assessing the respondents' personal financial situation over the next 12 months nudged up to 4 from 3.
On the other hand, respondents' assessments on the personal financial situation over the last 12 months stabilized at minus 14, while the sub-index measuring the climate for major purchases was unchanged at minus 16.
The improvement in the consumer confidence indicator, albeit a small one, along with the news that the British economy has emerged from recession should give a welcome boost to the government, commented Nick Moon, Managing Director of GfK NOP Social Research.
Last week, it was announced that unemployment levels in the U.K. fell at its fastest pace since April 2007. The number of people claiming jobseeker's allowance fell by 15,200 in December compared to November to reach 1.61 million.
The U.K. economy crawled out of its six-quarter recession in the December quarter, recording a dissapointing 0.1% quarterly expansion, led by growth in the manufacturing and services sectors.
The lacklustre nature of the recovery has sparked fears that the U.K. economy could operate well below its pre-recession levels for a long time.
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