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To: maceng2 who wrote (136)	10/30/2002 9:00:38 AM
From: maceng2	Read Replies (1) \| Respond to of 1417

UK consumer confidence falls in October news.ft.com Consumer confidence fell to its lowest level this year in October according to research carried out by Martin Hamblin GfK on behalf of the European Commission. Analysts were quick to caution reading too much into the drop in this month's data. Michael Saunders of SchroderSalomonSmithBarney said: "The latest plus one reading is the same as the average for all months over the past five years. Given that real consumer spending has roared along at about 4 per cent year-on-year over that five-year period - well above trend - then this figure is probably consistent with continued consumer strength." All five of the key measures of confidence fell back in October with the most marked decrease seen in the measure gauging the development of the general economic situation over the last twelve months. However consumers' expectations for the future of personal finances remain robust and despite a fall of two points this month, this measure is still six points higher than a year ago. Ross Walker, UK Economist at RBS Financial Markets said: "The composite balance was weaker than expected but the detail of the survey looked less gloomy. Consumers' optimism about their own financial prospects remains close to record levels and should prevent any sharp deceleration in retail spending. From an interest rate perspective, this survey is probably broadly neutral." Bank of England data published on Tuesday showed that consumer credit grew by £2bn (1.3 per cent) in September after a similar increase in August, when the largest increase was seen since records began in 1993.