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Spending cuts drive consumer morale to 11-month low
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The GfK/NOP Consumer Confidence Index fell three points to -22, its lowest since last August and below analysts' forecasts for a more modest decline to -20.
The survey was taken after the new coalition government announced the deepest spending cuts in a generation, but before official data showed the economy grew at its fastest pace in four years from April to June.
Nonetheless, it was the fifth consecutive fall in the confidence index, and GfK director Nick Moon said the downward trend pointed to a risk that the recovery could fizzle out.
"The continuing slide in the index makes a double-dip recession look more of a possibility as each month goes by," he... Full Story |
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Submitted Jul 29, 2010 7:23pm
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