Customers still see 'bad' economy

04/11/2009

Debt-hit Brits are still worried about the recession - but confidence in the economy is beginning to return.

The new Nationwide Consumer Confidence Index, an indicator measuring customers' feelings about a range of financial issues, returned largely positive results for October 2009.

According to the building society, confidence in the "present situation" has risen by five points compared to the low marked in July 2009, with the recession near its worst.

Meanwhile, the "spending" index has risen to 104 points from a low of 54 in September 2008.

Despite these improvements, consumers were revealed by Nationwide to still be wary about the current economic situation.

Only one in ten said that they thought current conditions were "good", while 68 per cent believed them to be "bad".

Martin Gahbauer, chief economist at Nationwide, said: "There does appear to be a growing belief among consumers that, while the current situation is still somewhat downbeat, the future outlook is brighter."

Latest official figures show that the UK endured a sixth straight quarter of contraction in July-September 2009.

This means that the present recession is the longest on record.

Tags; Current UK Economy, Young Family Finances, Retirement Money Problems, Credit Card Lifestyle, Recent Graduate Debt,

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