S&P Global UK consumer sentiment index falls to 46.9 in Nov 2024

Although below the neutral 50-mark, the reading is the third-highest since August 2021, exceeded only by October’s reading and July’s post-general election bounce.

UK households reported that their current finances continued to deteriorate in November, though at a pace well below the survey’s long-run (and pre-pandemic) averages.

Similarly, households have modestly become pessimistic in November about their financial outlooks for the year ahead.

The November CSI data indicated that labour market conditions remained firmly positive overall for UK households. Job security strengthened for a ninth consecutive month and has been improving in recent months.

Greater job security in part reflected busier workplaces: workplace activity rose at the fastest rate since July to register one of the sharpest increases seen since the pandemic and hinting at robust economic growth in November.

Higher workplace activity has, meanwhile, helped drive a further marked rise in income received from employment, which grew in November at the fastest rate since July’s survey record peak, registering one of the sharpest gains seen since data were first collected in 2009, according to a release from S&P Global Ratings.

Households across the United Kingdom reported further pressure on their everyday spending. The amount of cash available to spend continued to fall, and at a faster rate than in October. The rate of deterioration was far weaker than seen during the inflation surge through much of 2022 and 2023.

Fibre2Fashion News Desk (DS)