Consumer confidence slows as job security fears surface

The consumer confidence index, compiled by YouGov and the Centre for Economics and Business Research (Cebr), rose one point in September, compared with August, to 111.1.

The index had jumped 3.5 points in August. 

Cebr director Scott Corfe: “Although consumers are showing good signs of regaining their confidence in a number of areas over the past couple of months, there are ongoing workplace fears for the year ahead.”

“While these exist, they will act as a handbrake on the post-referendum recovery in consumer confidence.”

Respondents to the survey are asked about their household financial situations, property prices, job security and business activity in the workplace.

Confidence in job security and household finances both fell over the past month, while people are more pessimistic about business activity in their workplace over the year ahead.

The figures for job security over the next 12 months is at its lowest level since February and its second lowest level in 20 months.

Stephen Harmston, YouGov’s head, said: “The business activity and job security figures for the coming 12 months imply that consumers are starting to factor in Article 50 being triggered in the next year.

”This suggests that the referendum’s impact on the economy has been deferred for the time being rather than averted entirely.”

Earlier this month, YouGov and the Cebr reported that business confidence rebounded in August following a slump after the EU referendum.