Nationwide: Consumer confidence dropping

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Nationwide: Consumer confidence dropping

The latest Nationwide Consumer Confidence Index has revealed a decrease of one point in December, to reach 85.

Although people's feelings about the present economic situation dropped by three points, their expectations for the future remained steady and their willingness to spend saw a rise of five points.

Fionnuala Earley, chief economist at Nationwide, said that the drop in consumer confidence "is not surprising given current economic conditions".

"Further rate cuts expected in the first quarter of 2008 may help to improve matters, but it is likely to be a few months before consumer confidence recovers to levels seen earlier this year," she remarked.

The index also indicated that consumers expect house prices to increase by around 0.7 per cent over the next six months.

Meanwhile, the Halifax House Price Index recently showed that house prices increased by 1.3 per cent in December.
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