Consumer confidence in economy weakens in Nov

The consumer confidence indicator (CCI) stood at 1.2 in November, having been 2.7 in October and 6.0 in September, according to Statistics Finland.

In last year’s November the CCI received the value of minus 4.8 while the long-term average for the CCI is minus 1.7.

The data are based on Statistics Finland’s Consumer Confidence Survey, to which 1,029 persons resident in Finland responded between 1 and 18 November.

Of the four components of the CCI, consumers’ views of their own economy at present were very bright in November.

In addition, consumers had plenty of intentions to buy durable goods. Expectations of their own economy in 12 months were also fairly bright. The estimate on the development of Finland's economy in the next few months corresponded to the long-term average in November.

Compared to October, expectations of consumers’ own and, in particular, Finland’s economy weakened in November.

The other two components improved slightly. Compared to November last year, all components were now on a better level, especially expectations concerning Finland’s economy in 12 months.

Consumers' expectations concerning the development of the general unemployment situation in Finland remained unchanged and very bright in November. This was more or less the case for views of the personal threat of unemployment or temporary lay-off experienced by the employed, that is, wage and salary earners and self-employed persons at the time of the survey.

In November, consumers’ estimates and expectations concerning the growth rate of consumer prices, i.e. inflation, already clearly exceeded the long-term average.

As in previous months, consumers regarded their own financial situation to be excellent in November. The time was considered very favourable for saving, also good for raising a loan but slightly poor for buying durable goods. Saving possibilities were expected to be still fairly high in the coming months.

In November, consumers still had plenty of intentions to buy or build a dwelling. In addition, very many consumers had plans for home repairs. Many were also considering buying a car during the next 12 months. As in the past few months, interest in raising a loan also was also notably common in November.