Confidence in the "general economy" over the next 12 months decreased by 1 point this month. The 'major purchase Index' saw no change in October and is still at -15.
Nick Moon, MD of GfK NOP Social Research, comments: "As with this week's economic growth figures, this small rise in consumer confidence for October is really only the prelude to what happens next. Confidence has remained reasonably consistent since June but this could change as the public comprehends the full impact of the Government's cuts. Should November's figures show a significant drop, it would suggest that a double-dip recession had become more likely."
The overall index score this month increased by 1 point to -19, six points lower than this time last year. Three of the five measures this month increased, with one measure increasing and one measure staying the same. The annual moving average stays the same at -17.
| Measure | Oct 2010 | Sep 2010 | Oct 2009 |
|---|---|---|---|
| Overall index score | -19 | -20 | -13 |
| Personal financial situation over last 12 months | -13 | -14 | -12 |
| Personal financial situation over next 12 months | -2 | -5 | 6 |
| General economic situation over last 12 months | -43 | -46 | -53 |
| General economic situation over next 12 months | -20 | -19 | 3 |
| Climate for major purchases | -15 | -15 | -12 |
The index measuring changes in personal finances during the last 12 months has increased 1 point this month, and is now -13; this is 1 point lower than this time last year. The forecast for personal finances over the next 12 months increased by 3 points to -2, this is 8 points lower than October '09.
The measure for the general economic situation of the country during the last 12 months has increased by 3 points to -43; 10 points higher than this time last year. An expectation for the general economic situation over the next 12 months has decreased by 1 point to -20, 23 points lower than October '09.
The major purchases measure has remained the same this month at -15; 3 points lower than this time last year.
Savings index
The 'now is a good time to save' index, has increased 3 points to -6, which is the same as October '09.
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