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Optimism increasing among consumers

Aug 31 2010

Consumer confidence rose in August

Consumer confidence has improved for the first time in the UK since February, according to a study.

The GfK/NOP Consumer Confidence Survey, comprising 2,000 individuals aged 16 and over, increased by four points in August to -18 from -22 in July, seven points higher than at the same time last year.

The jump in consumer confidence is the biggest since last September.

Nick Moon, managing director of GfK NOP social research, says: ‘Overall consumer confidence has been in constant decline for the last five months and a further fall would have made a double-dip recession seem a very real prospect.’

However, despite looking encouraging, the gain merely reverses a large drop in July, suggested that there is still some way to go before confidence levels reach positive territory.

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