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Consumer confidence drops in September

Published: 30 September 2010
Consumer confidence dropped in September, according to the latest figures from the GfK NOP Consumer Confidence Index.
Consumer confidence drops in September
The index dropped two points to -20, the lowest confidence has been for the past year besides July, when the emergency budget was announced.

The indices measuring confidence in personal finances and confidence in the general economic situation of the country during the past 12 months both decreased.

Expectations for the general economic situation over the next 12 months decreased by five points to -19, 23 points lower than in September 2009.

The measure for major purchases was the only index to increase, rising five points this month to -15, the same as this time last year.

GfK NOP Social Research md Nick Moon said: "September's slump suggests the rise in consumer confidence in August was a false dawn, as feared. Besides the trough in July probably caused by the emergency budget, this month's figure is the lowest confidence has been for the past year. I think we could be about to find out if the IMF and the money markets are more worried about double dip recession than they are about the size of the UK deficit."

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