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Financial News: UK Households' Financial Wellbeing Improves

UK Households' Financial Wellbeing Improves

06/17/2019 - 07:16:00 (RTTNews)

(RTTNews) - UK households' assessment of their financial well-being improved in June and their expectations turned positive for the first time since November, survey data from the IHS Markit showed on Monday.

The IHS Markit Household Finance Index, or HFI, rose to 43.8 in June from 42.8 in May. Any reading below 50 suggest a negative perceptions regarding financial well-being.

The future HFI rose to 51.5 in June from 49.2 in the previous month, positive expectation regarding their financial well-being for the coming year. The reading held above 50 for the first time since November.

Job security perceptions weakened for the eleventh straight month. Income from employment rose at a weaker rate, easing for the second successive month.

The living costs rose at a stronger rate and inflation expectations were largely unchanged from May.

The majority, 69 percent, of households continued to expect the next move by the Bank of England to be an increase within the next twelve months. The 9 percent expect the Bank of England to cut rates from 8.3 percent in May.

"The unclear path towards Brexit still lingers in the background, while uncertainty has been brought about by the end of Theresa May's tenure as Prime Minister," Joe Hayes, economist at IHS Markit, said.

"If meaningful wage growth and a low and stable inflation environment can be sustained, this should support purchasing power gains for UK households."

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