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British consumer confidence declined the sharpest, hitting its largest drop in more than 45 years, the GfK survey showed on Monday. The pessimism was brought by the worldwide economic shutdown aimed at combating the further spread of the deadly respiratory disease.
“Our COVID-19 ‘flash report’ shows a dramatic result with consumer confidence falling off the cliff in the last two weeks of March,” GfK client strategy director Joe Staton said.
The index was monitored to have dropped to -34 from its initial record of -9. According to GfK, households’ sentiment fluctuated to its lowest level since February 2009. This came amid upbeat demand for home equipment as more people decided to stay at home.
The business sector’s figures did not yield better results as the IHS Markit’s monthly purchasing managers’ index showed that both the services and manufacturing sectors heavily contracted.
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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