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Financial News: UK GfK Consumer Confidence Weakens In August

UK GfK Consumer Confidence Weakens In August

08/29/2019 - 22:59:00 (RTTNews)

(RTTNews) - UK consumer confidence weakened in August as households were concerned about wider economy and their own financial situation, survey results from GfK showed Friday.

The consumer sentiment index fell to -14 in August from -11 in July. This was the joint lowest since mid-2013.

All sub-indicators deteriorated in August. The index measuring changes in personal finances over the last year decreased by two points to -1. Likewise, the outlook for personal finances slid five points to +2.

Assessment of past general economic situation declined two points to -34 and their expectations for the general economic situation fell six points to -38.

The major purchase index decreased three points in August to +1. The savings index was down four points to +21.

"If there is a continuation of that dip in our feelings about our 'future wallets', we'd quickly see a headline score (the average of our five sub-measures) crash to a level that approaches the worrying figures seen in the worst days of the 2008/2009 financial crisis," Joe Staton, client strategy director at GfK, said.

The survey was conducted by GfK on behalf of the EU. GFK carried out the survey among 2,000 individuals between August 1 and 14.

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