Consumer confidence recovers lost ground
Consumer confidence has shown signs of improvement, recovering somewhat from July’s post-EU referendum low.
GfK’s Consumer Confidence Index rose from -12 to -10 in August, returning to where it was in June.
‘These figures must be seen against the backdrop of better news on inflation, public finances, jobs and growth prospects as the UK economy displays some signs of stability after a volatile start to the year,’ said Joe Staton, GfK head of market dynamics.
‘However, the index has a lot of ground to regain to get back to black.’
Consumers’ view on the general economic situation improved slightly, but the main driver of the improvement was increasing confidence in personal finances.