Consumer confidence continued to fall in October, the Nationwide Building Society has reported.
According to the latest Consumer Confidence Index for October 2011, confidence fell by nine points to a new all time low of 36.
The Index has now fallen for five months in a row, leaving it languishing five points below the previous low of 41 recorded in February this year. The confidence index, which began in May 2004, is now more than forty points below its long run average of 78.
Robert Gardner, Nationwide’s chief economist, said: “There have been a number of factors holding back confidence in recent months. A wave of disappointing economic news at home and ongoing uncertainty surrounding the Euro crisis has dealt a heavy blow to sentiment.
