The Consumer Confidence Index operated by the Nationwide Building Society fell in January to the lowest level it has been at since the index began in 1967. It currently stands at 81 points, a four point fall from the previous month.
Interestingly both the expectations for the future and the current situation indexes fell, revealing that consumers feel that the situation right now is not bright but also that the future is not looking rosy either. The Nationwide Building Society spending index remained static in January, showing that consumers feel the same as they did the previous month, although compared with the same time last year the points value is much lower.
Economists from the Nationwide Building Society are not surprised by the latest figures, since the last few months have been testing financially for consumers. It will take a few months to see where the economy is headed, at which time the figures from the index will show whether the movement is up or down.