The tide is now well out
for consumers with confidence at a 16 year low as the impact of the credit
crunch deepens. Today’s GfK NOP headline measure of –24 is 5 points down on March
and the lowest since November 1992.
All 5 headline measures reached multi-year lows with
personal finances increasingly under strain.
The index measuring changes in personal finances during the
past 12 months fell by 4 points to –8; 8 points lower than a year ago and the
lowest score since December 1996. The forecast for personal finances in the
next 12 months is also down 4 points to zero – also its lowest score since
December 1996.
The measures of the general economic situation are equally
gloomy with the backward looking measure at its lowest (-53) since March 1993
and the forward measure (-38) at is lowest since October 1992. These measures
fell by 10 points and 6 points respectively.
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