UK consumer sentiment falls to record low

The Nationwide Building Society says that its consumer confidence index fell to 38, the lowest level since the series began in 2004, from 48 in January.

“The UK recovery remains sluggish and there was little positive news in February to give consumers a much needed boost,” Nationwide’s chief economist Robert Gardner said. “News that the economy shrank in the final quarter of 2010 will have done nothing to lift already dampened spirits,” he added.

Consumers were downbeat about the economy as well as the job outlook. The survey showed that the gauge for consumers’ expectations for the British economy for the next six months slipped to 50 from 64 in the previous month.

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