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UK consumer confidence drops one point in October

U.K. consumer confidence declined in October as the outlook for the economic situation in the coming year worsened.

A consumer sentiment index by GfK NOP Ltd. fell 1 point to minus 11 from minus 10 in September, which was a six-year high, the London-based group said in a report published today. Its measure of prospects for the broader economy over the next 12 months dropped 5 points to minus 2.

“This may simply be a pause for breath,” said Nick Moon, managing director of social research at GfK. “It will be interesting to see if sentiment has run away with itself and there is a further drop next month.”

The U.S. government shutdown and debt-ceiling negotiations this month may have damped a spurt of enthusiasm driven by the U.K. economic recovery. Growth accelerated in the third quarter and may prompt Bank of England officials to raise their forecasts when they publish new projections next month.

GfK’s index of sentiment on peoples’ personal financial situation in the next 12 months fell 3 points to minus 2. A gauge of their views on their situation over the previous year dropped 1 point to minus 17.

A measure of the general economic situation over the last 12 months was unchanged at minus 25. The only increase was in the index on the climate for making major purchases, which increased 3 points to minus 11.

The U.K. economy expanded 0.8 percent in the third quarter, up from 0.7 percent in the previous three months. BOE Governor Mark Carney said last week officials won’t tighten monetary policy until they see traction in the recovery.

GfK interviewed 1,999 people for the European Commission from Oct. 4 to Oct. 20. The margin of error is plus or minus 2 points.

Source : Jennifer Ryanh - Bloomberg

31 October 2013
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