UK Consumer Confidence Rises To Highest Level In Six Months
Consumer confidence in the UK rose to its highest level in six months in September, though it remains below pre-referendum levels.
An index from YouGov and the Centre for Economics and Business Research rose to 108.6, up from 107.8 in August, as confidence in the outlook for house prices and business activity increased. Measures of household finances and job security fell, according to the report.
“Despite various sources of uncertainty both politically and economically, consumer confidence in the UK is proving to be remarkably resilient,” said Nina Skero, head of macroeconomics at the CEBR. “While household budgets continue to feel the squeeze from inflation, other measures have rebounded somewhat.”
The report adds to signs that consumer spending is starting to recover after being held back by faster inflation in the wake of the UK’s decision to leave the European Union.
The Office for National Statistics said earlier this month that retail sales rose in August at a faster pace than economists forecast, and a report from the Confederation of British Industry published Wednesday showed that its monthly retail index jumped to the highest since September 2015.