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Consumer confidence hits another new low in September

More consumers than ever said they have no plans to purchase durable goods in the near future.

Intentions to buy durable goods are at a record low in Finland. Image: Henrietta Hassinen / Yle

Consumer confidence in the economy hit a new low in September, with Statistics Finland's confidence indicator dropping to -18.3. In August, that figure temporarily nudged upwards to -14.9.

Several individual measurements of the indicator also fell to their lowest level ever in September. Expectations about the state of Finland's or one's personal economy in a year's time were at record lows.

Additionally more respondents than ever said they have no plans to purchase durable goods in the near future.

The measurement history of the confidence indicator goes back to October 1995, so it does not cover the recession years of the early 1990s.

Business confidence also drops

The all time low confidence levels have not yet translated into weaker consumption for businesses according to a statement by Sami Pakarinen, Director of the Confederation of Finnish Industries (EK).

The organisation reported that confidence in the economy among business leaders also fell slightly in September.

Among the various sectors, confidence levels rose only within the construction industry.

Businesses in the industrial sector also saw below-average consumer confidence levels. Meanwhile, confidence within the service and retail sectors remained well below average.

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