FXstreet.com (Barcelona) - A survey conducted by GfK NOP showed U.K. consumers became more optimistic about the outlook for the economy and the jobs market in February. An indication that government's efforts to stimulate the economy and encourage bank lending may be working.
Nationwide Wednesday said its h1 measure of consumer confidence rose to 43 in February from 41 in January despite a wave of job losses and data releases that indicate the economy remains deep in recession. It is the first rise in the Nationwide Building Society's confidence measure since October.
The nationwide survey also found that consumers expected prices to fall less rapidly over the coming six months than they did in January, by 4.7% rather than 6.2%.
The government and the Bank of England are likely to view the rise in consumer confidence as a tentative validation of their efforts to stop the U.K. sliding into a self-feeding downturn.