Consumer morale regains April 08 level

Wed 04 Nov, 2009 00:15

LONDON (Reuters) - Consumer morale has hit its highest levels in the last two months since April 2008, a survey showed on Wednesday.

The Nationwide Consumer Confidence Index posted a reading of 72 last month, matching September's upwardly revised figure.

The expectations index, which gauges people's sentiment about the economy, jobs and their own finances in 6 months' time, fell by two points to 106 but this was offset by a three point rise in the present situation index to 22.

"While overall confidence among consumers remained static during October we did see some small adjustments to consumers' perceptions of current employment and economic conditions, and their expectations of where these will be in six months' time," said Martin Gahbauer, Nationwide's chief economist.

The survey was conducted between Sept 21 and Oct 18, before official data showing Britain's economy contracted unexpectedly in the third quarter of this year, making the current recession the longest on record.

(Editing by Ruth Pitchford)