UK economy: family concerns about financial situation intensified in May

Posted by qianjiu on May 23rd, 2019

A survey showed that UK households’ concerns about financial conditions intensified in May, suggesting a weak consumer economy. During the British retreat, the consumer sector has been one of the brightest areas of the UK economy.

Data provider IHS Markit said on Monday that the household financial index (HFI) fell to 42.5 in May from 43.8, the lowest level since September 2017, as concerns about job security have intensified, especially in retail and manufacturing.

In the face of the British retreat, the UK job market remains resilient, which helps household spending, which in turn boosts the economy.

But job growth may reflect the way employers hire workers -- they can be fired during a recession -- rather than committing to long-term investments while waiting for the Brexit uncertainty to be lifted.

“Although the latest labor market data shows that the unemployment rate hits historical lows and wage growth is reasonably stable, weak confidence has weakened these trends and led to tighter spending by UK households,” said IHS Markit analyst Joe Hayes.

But the survey shows that British households are slightly more optimistic about the financial situation in the coming year.

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