Job Market Faith Is Falling Further

A new study reveals that Britons are steadily losing faith in the stalled job market. Lloyds TSB Corporate Markets Consumer Barometer found that 57% of people polled felt that employment prospects as a whole improved over the last year. This represents a 12% fall in job confidence since the last study in June. This is also the worst recorded response in the history of the poll.

Consumer confidence in their currently held jobs also fell. 17% of consumers polled felt that their job was more than less secure. It was -14% in the June poll. The bad news wasn't exclusive to jobs either. Consumer polled also stated that they believed inflation would be at 4.8% within a year.

This combination is obviously not a good sign for future consumer spending. Discretionary purchases will surely suffer in an environment of feared job loss and inflation. It just isn't a good environment for spending growth.

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