UK consumer confidence and job openings climb
UK consumer confidence and job openings have both seen a notable increase.
UK consumer confidence and job openings have both seen a notable increase, sparking optimism for the retail sector as businesses adapt to ongoing economic challenges.
The GfK consumer confidence index showed an improvement of two points from January to mid-February, rising from -22 to -20. Households reported greater optimism about their personal finances, following recent interest rate cuts by the Bank of England.
Despite this positive shift, experts remain cautious, as the effects of high inflation and rising prices persist.
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GfK consumer insights director Neil Bellamy highlighted that although confidence has improved, “the majority are still struggling with a cost-of-living crisis that is far from over. Prices continue to rise above the Bank of England’s target, and energy bills remain a challenge for many.”
In addition to the rise in consumer confidence, the Recruitment and Employment Confederation (REC) reported a 7.2% increase in job postings in January, marking the first rise since June.
The REC’s data indicated that the retail sector is benefitting from this rebound, with job openings growing across all regions, led by the East Midlands, which saw an 11.7% increase.
REC deputy chief executive Kate Shoesmith added: “The increase in job postings is a clear sign that employers will hire when they need to. A 34.4% rise in new job postings signals a solid rebound in demand, showing that businesses remain resilient, despite both domestic and international headwinds.”
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