Consumer confidence falls to 20-month low
Consumer confidence fell to a 20-month low during November as people became increasingly pessimistic about the future of the economy, new research shows.
Nationwide said its expectations index, which measures people's optimism towards the economic situation in six months' time, dived by nine points during the month to 61, its lowest level since March 2009 and more than 50 down on where it stood in November last year.
The fall was driven by a nine-point jump in the number of people who think the economy will be worse in six months' time than it is today, while there was also an 8% fall in the proportion of people who think there will be many or some jobs available.
But consumers were also pessimistic about the current economic situation, with 69% of people saying they thought it was bad, 5% more than during October. The number of people who thought there were not many jobs available also rose by 6% to 64%.
Meanwhile, the spending index dropped to its lowest level for two years, diving by 13 points to stand at 79.