Confidence hit by rising jobless figures
Rising unemployment took its toll on consumer confidence during March, research showed today.
The Nationwide’s overall consumer confidence index lost the 2% gain it had seen in February to slump back to January’s low of 41, although the group said the index appeared to have stabilised.
Its spending index remained unchanged at 94 during the month, following a steep jump in February, but the group said people’s belief that now was a good time to buy was more likely to reflect the discounts currently available rather than actual plans to spend.
Consumers now expected property values to fall by 3% during the coming six months, compared with a predicted 4.7% drop in February.
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