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Consumer mood hit by financial market turmoil

Consumer confidence picked up at the start of September only to be wiped out by financial market turmoil, according to a survey published today.

According to consumer confidence index released by research firm GfK NOP, during the first half of September levels of shoppers confidence rose for the second consecutive month, rising to -32 in September from -36 in August.

However, following the financial market upheavals seen in the latter part of the month, GfK NOP ran a second survey which showed consumer confidence had dropped back to -36.

Rachael Joy of GfK NOP said: "I'd say we're seeing a tentative lift in UK consumer confidence, although we're still at the levels not seen since the 1990s recession. The indication is most people are coming to terms with living in a depression. While they are still nervous of their personal financial situation and the economy in general, we could be seeing people beginning to acclimatise to the situation."

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