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UK Consumers Most Confident Since August, but Wary of Year Ahead

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British consumer morale rose for a second month in a row in January to hit its highest level since last summer, but households remain pessimistic about the outlook for the country’s economy, a survey showed on Friday.

Market research firm GfK said its overall consumer sentiment indicator rose to +4 in January from +2 in December, stronger than a median forecast of +1 in a Reuters poll of economists.

“UK consumers remain resiliently bullish this month with no sign of the January blues denting their view on the state of their personal finances for both the past year and also for the rest of 2016,” Joe Staton, Head of Market Dynamics at GfK, said.

But the survey’s measure of how households are feeling about the outlook for the economy rose only marginally to -5, showing a general mood of pessimism was persisting.

“February’s barometer will make for interesting reading given the rocky start to global markets this year and the impact on prospects for the year ahead,” Staton said.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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