UK consumer confidence up in February

The latest survey from the Nationwide Building Society has revealed a rise in UK consumer confidence for the month of February.

The building society’s consumer confidence index surged to 80 last month – the highest level since January 2008 and double the reading seen last February.

According to the Nationwide, its survey reflects the fact that consumers are now more confident as the economy has emerged from its worst recession in decades.

Nationwide chief economist, Martin Gahbauer, comments: “Following a small dip at the end of 2009, consumers have started this year in a more optimistic fashion with February’s figures showing a surge in confidence in both the present and future situation.

“A strong influencing factor behind this uplift is likely to be the news that the UK has come out of its longest recession on record following six consecutive quarters of contraction beginning in 2008,” he added.

In the meantime, the Nationwide said consumers are optimistic about both the current and the future economic situation with the expectations index reaching its highest level since it was first launched in May 2004.

The positive news comes just a couple of days after the CIPS/Markit manufacturing purchasing managers’ index (PMI) revealed UK manufacturing activity grew faster than expected in February – sustaining the previous month’s 15-year high rate of growth.

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