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Financial News: UK Household Finance Index Worsens Sharply In September

UK Household Finance Index Worsens Sharply In September

09/18/2017 - 01:56:00 (RTTNews)

(RTTNews) - British households' current financial pressures intensified in September amid rising living costs and subdued pay growth, while their outlook signaled the lowest degree of pessimism for seven months, results of a survey by IHS Markit and market research company Ipsos Mori revealed Monday.

The seasonally adjusted Household Finance Index, of HFI, dropped 42.8 in September from 43.4 in August.

Moreover, UK households experienced the strongest squeeze on finances for three years in third quarter of this year, with the index falling to 42.6.

Any score below 50 suggests pessimism regarding finances among the U.K. households.

The amount of cash available to spend continued to fall at one of the steepest rates seen over the past three years.

Despite this, consumer spending rose at a faster rate, driven by a combination of modest growth of income from employment and reduced savings.

The index measuring the outlook for financial well-being over the next twelve months, edged up to 47.8 in September from 47.3 in August. However, it signaled the lowest degree of pessimism for seven months.

Both workplace activity and income from employment remained in growth territory during September. At the same time, job security index eased slightly from August's 20-month high.

On the price front, living costs rose sharply in September, with the corresponding index rising to 80.0 from 79.6 in August. Future inflation expectations also remained elevated.

The survey also revealed that Only 29 percent of UK households expect a Bank of England rate rise during the next six months.

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