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Financial News: UK Household Finances Remain Under Pressure In May

UK Household Finances Remain Under Pressure In May

05/18/2020 - 04:52:00 (RTTNews)

(RTTNews) - UK household finances remained under severe pressure in May, survey data from IHS Markit showed Monday.

The Household Finance Index, which measures households' overall perceptions of financial well-being, came in at 37.8 in May, up only slightly from April's eight-and-a-half year low of 34.9.

Although the index rose from April, the figure remained indicative of a strong degree of pessimism towards the outlook for financial health.

Joe Hayes, an economist at IHS Markit, said "It is unsurprising to see further woe for UK households in May, with our UK Household Finance Index revealing that finances remained under severe pressure."

The concern for the household sector remains the labour market, which will be vital in determining the speed at which consumer spending can return once the economy emerges from the lockdown, Hayes noted.

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