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Financial News: UK Household Finances Continue To Weaken In October

UK Household Finances Continue To Weaken In October

10/19/2020 - 05:57:00 (RTTNews)

(RTTNews) - UK household finances remained under severe strain in October, survey data published by IHS Markit showed on Monday.

The household finance index, which measures households' overall perceptions of financial wellbeing, held steady at 40.8 in October. The score was well below the neutral 50.0.

Looking ahead, households expect their situation in twelve months to remain relatively gloomy, with the respective forward-looking index still well below the 50.0 threshold.

The amount of cash available for households to spend declined further. Subsequently, spending dropped at a quicker rate than in September. A greater proportion of households were also turning to unsecured debt.

The indicator measuring perception about job security rose to a seven-month high in October but remained below the 50.0 mark. Incomes from employment declined though the pace of decrease was the slowest since the current sequence of falling began in April. Further, the survey showed that households' appetite for major purchases dropped sharply in October.

The proportion of households who expects a rate cut at some time rose to 26.9 percent, the highest share since May, from 18.7 percent a month ago.

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