Consumer confidence has risen at its fastest pace in three and a half years this month, according to a new survey.
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It marks a significant change from July, when the index fell to its lowest point in three years following the UK’s vote to leave the EU.
The YouGov/Cebr Consumer Confidence Index increased 3.2 points compared with the previous month – to 109.8 – as Brexit jitters ease, reported The Telegraph.
Expectations for household financial situations and property values increased during the month, while job security for the year ahead fell slightly.
“This month’s improvement in consumer confidence follows positive news from other areas of the economy and slightly punctures the arguments of those who predicted immediate economic Armageddon following a Brexit vote,” the newspaper reported CEBR director Scott Corfe as saying.
“With consumer confidence rising and year-on-year retail sales up, it is evident that the public have yet to feel many – if any – effects from the vote to leave the EU.”