Nationwide: Consumer confidence remains low

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Nationwide: Consumer confidence remains low

Although UK consumer confidence has remained fairly stable since the start of the year, it is still relatively low.

According to the latest Nationwide Consumer Confidence Index, most Britons are feeling particularly downtrodden with regards to the current job market.

Rising numbers in unemployment have sparked a sentiment of despondency, which has encouraged a deeper pessimism, with most people refusing to believe the market will pick up any time soon.

Despite this, Nationwide's chief economist Fionnuala Earley commented: "Even though retail sales are now weaker, spending sentiment has remained stable.

"This stability isn't surprising given further reductions on the high street and lower mortgage costs for some."

Nationwide recently revealed that mortgage approvals are now at their highest since May 2008, while house prices rose for the first time since October 2007.

Following a rise of 0.9 per cent, the annual rate of the house price fall dropped from 17.6 to 15.7 per cent.

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