
Consumer Confidence Drops
The GfK NOP Consumer Confidence Index dropped by one point to -19, the lowest level since December 2009, but still six points higher than this time last year. Four of the five measures decreased this month, with confidence in personal finance over the next 12 months the only one to see a rise. The falls could deepen concerns about a double-dip recession, GfK NOP said. The measure for the general economic situation over the next 12 months slipped by three points to -12, four points lower than in June 2009, while the index measuring personal finances over the coming year increased by one point to -2, three points lower than last year. Fear over personal finances sometimes lags people's outlook on the general economy. The survey of 2,000 people was taken before the Conservative-led coalition's June 22 emergency budget which proposed spending cuts at government departments of about 25 percent as well as a range of tax increases including VAT sales tax to 20 percent from 17.5 percent
