Consumer confidence

04/06/2009 by David Slade.

Consumer confidence in the UK reached its highest level for six months in May, according to Nationwide’s Consumer Confidence Index.

The index jumped two points to reach 53 in May, the highest reading since November last year and follows an eight-point increase the month before. However, only 6% of respondents said they thought the economy was in good shape, compared to 77% that did not.

“While some reports suggest tentative signs of a slowing in the pace of economic decline, it is important to remember that a number of sectors are continuing to contract and any recovery is likely to be sluggish,” said Martin Gahbauer, Nationwide’s chief economist.

“What is clear from our findings is that while consumers remain pessimistic about the present situation, they appear to be much more confident about the future than they were at the beginning of the year.”

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