CONSUMER confidence in the economy has improved to its strongest level in at least two-and-a-half years as optimism about the housing market and jobs rises, a report has found.
Confidence in the housing market is at its strongest since Lloyds Bank's Spending Power report began in November 2010, while worries about employment were also found to have eased.
Almost one fifth (18%) of people felt positive about the economy in August, showing a sharp increase from just over one in 10 (11%) in January. The proportion of people feeling negative about the economy fell to 31%, the lowest levels since the research began.
These findings helped Lloyds' overall consumer sentiment index rise to an all-time high of 115 points in August, marking a 10-point increase since the start of the year.
Lloyds Bank chief economist Patrick Foley said: "Increasing consumer sentiment may in time embolden consumers to spend, so helping to underpin the wider economic recovery. In turn, such spending would further help improve the outlook for growth and jobs."
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