Mounting job losses helped to push consumer confidence to a
6-month low in January. On a seasonal basis the fall would be even steeper
given the general trend of a pick up in confidence in January as the winter
sales and the start of a New Year kick in. Over the past 19 years the average
January rise has been 4.4 points.
For only the third time since 1989 (the other two years
being 1989 and 1991) confidence fell in January by a record 4 points
month-on-month to –37, only 2 points short of the –39 recorded in July last
year.
All measures in the Index apart from the measure of the spending climate fell sharply in the month. The combined measure of personal finances fell 7 points to –32, its lowest level since last July’s record low (-38), while the measure of the two general economic sentiment measures, looking back and forwards over 12 months slumped 15 points to its lowest ever score of –128.
The one brighter spot was a rise in the spending climate on
household goods measure – up by 2 points.
90% of adults believe the unemployment will get worse compared
to 55% a year ago.
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