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Financial News: UK Consumer Spending Falls In September Signaling Continue

UK Consumer Spending Falls In September Signaling Continued Weakness In Economy

10/09/2017 - 07:53:00 (RTTNews)

(RTTNews) - UK consumer spending declined in September, after a modest gain in the previous month, suggesting continued weakness in the economy amid high inflation, muted wage growth and political uncertainty, results of a survey by payment services provider Visa showed Monday.

Consumer spending dropped 0.3 percent year-on-year following a 0.2 percent gain in August, Visa said, citing the survey based on credit, debit and prepaid card data. Spending has now dropped in four of the past five months.

On a month-on-month basis, consumer spending grew 1.4 percent after a 0.4 percent drop in the previous month.

IHS Markit economist Annabel Fiddes said the latest data meant that expenditure kept on course for its weakest performance for four years.

"Rising living costs, muted wage growth, and ongoing uncertainties surrounding Brexit negotiations and the strength of the UK economy continue to act as drags on household spending," the economist added.

"Heightened expectations that the Bank of England may start to hike rates may in turn help to rein inflation back towards its 2.0 percent target, but there are questions surrounding the underlying strength of the economy," Fiddes said.

The latest purchasing managers' survey data suggest that UK private sector growth remained sluggish over Q3 and, combined with the CSI figures, implying that that the economy is currently on course for a relatively subdued year of growth, the economist said.

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