Consumer confidence index rises

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Nationwide said its consumer confidence index rose for the first time in four months, edging forward from 41 in January to 43.

The increase was driven by a rise in the number of people who think the economy will have improved six months' down the line, with 19% saying it would be better, while 43% thought it would be worse, compared with 53% who expected a further deterioration in January.

There was also a slight increase in the number of people who thought the employment situation would improve going forward.

By contrast, a spate of gloomy economic news and large scale job cuts during February dented people's confidence in the current situation. Just 2% of people think the economy is currently in good shape, with 86% saying it is bad, while 64% of people think there are not many jobs available, compared with just 31% who felt this way six months ago.

As a result of this pessimism, the group's present situation index fell for the eighth month in a row to a new record low of 22 - well down from the 78 it stood at this time last year.

People's attitude towards spending remained resilient, with only 16% of those questioned saying it was a bad time to buy household goods such as furniture and electronic equipment. Around 41% of people still think it is a bad time to make a major purchase such as a house or car, but this is down from 51% in January.

However, the group cautioned that the figures were likely to be boosted by the big discounts that are currently available, adding that it remains to be seen whether the sentiment translates into large numbers of transactions.

The figures may also reflect higher levels of disposable income among homeowners following recent steep interest rate falls.

Consumers are slightly more optimistic about the housing market, predicting that property prices will fall by 4.7% during the coming six months, compared with an expected 6.2% slide in January.