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Consumer confidence rises in August

Consumers confidence grew by three points to 1 in August, with all five measures used to calculate the monthly GfK’s UK consumer confidence index seeing an increase this month.

The index found consumers’ confidence in their personal finance situation over the last 12 months increased by four points in August to -7.

Looking forward over the next 12 months, their confidence increased three points to 5. The measurement for the general economic situation over the last 12 months rose six points to -1, and over the next 12 months it was up two points to 11.

Consumer confidence about major purchases grew two points to -1. The savings index rose one point to -8, although this was not included in the overall score.

Managing director of social research at GfK Nick Moon said: “It looks as if we might be in a new period of relative stability for the index. After several months of almost constant increase, the last four months have all seen the index within a range of 0 (plus or minus 2). And indeed the last five months have all been within a range of -1 (plus or minus 2).

“There is no guarantee how long this stable position will last. A rush of good or bad economic news could set off a marked rise or fall, but things could stay like this for a while.”

He added: “It is worth noting that the score for the two questions concerning the last 12 months rose by more than the two concerning the next 12 months, suggesting that people are reassessing the past more than feeling more hopeful about the future.”

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