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Consumer Confidence Hits Rock Bottom

The Nationwide Consumer Confidence Index has hit a new low of 61, falling from 65 last month and 93 only 12 months ago. It seems as though more and more consumers are negative about the prospects for the UK economy over the next 12 months, with more than half suggesting that the situation will get much worse before it gets better. But is there any good news on the horizon?

Interestingly, the vast majority of the UK population are fairly relaxed about the employment market at the moment, but this seems to be at odds with a negative view on the economy. There was also a glimmer of hope with the housing market, with the average consumer believing that house prices will fall by 3.2% over the next 6 months, as against forecasts of 3.5% last month. So what really is happening?

While there are some interesting figures and trends to take away from the survey, the fact that the majority feel the economic situation will worsen is a worry. This continued slowdown in the economy will hit areas such as employment and property, where many consumers appear to be pinning their hopes, and may well see the consumer confidence index fall much further in the short term.

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