Wed, 30 Oct, 2013 12:00:16 AM Unemployment situation makes consumers worried FTimes Report, October 30  Source: Statistics Finland Consumers’ confidence in the economy has weakened slightly, according to Statistics Finland.
The preliminary data of the Statistics Finland released on Monday said the unemployment situation has also weakened from September, said a press release.
The consumer confidence indicator stood at 3.8 in October, having been 6.3 in September and 5.0 in August.
The Statistics Finland conducted the survey based on the results of interviews with 1,489 people from October 1 to October 18.
Consumers were still pessimistic about the future of Finland's economy, particularly about the development of unemployment.
Consumers' views concerning their own economy were still cautious in October, even though they improved somewhat. On the other hand, consumers were still confident about their households' saving possibilities, but not quite as much as earlier.
Source: Statistics Finland October was not regarded as a favourable time for taking out a loan and particularly not for buying durable goods.
The personal threat of unemployment experienced by employed persons was slightly higher in October than in previous months, according to the release of the institution.
According to the study, 30 per cent of consumers believed that Finland’s economic situation would improve in the coming twelve months, while 31 per cent thought that the country’s economy would deteriorate. One year ago, the respective proportions were 16 and 44 per cent.
In October, 25 per cent of consumers believed that their own economy would improve and 14 per cent of them feared it would worsen over the year. Both one month and one year earlier, the respective proportions were 22 and 16 per cent.
Altogether, 12 per cent of consumers thought in October that unemployment would decrease over the year, but clearly over one-half of consumers, or 61 per cent of them, believed it would increase, the survey finds.
In September, the respective proportions were 15 and 54 per cent and twelve months ago 8 and 71 per cent.
In October, 10 per cent of employed persons believed that their personal threat of unemployment had lessened over the past few months, whereas 25 per cent thought it had grown.
Forty-three per cent of employed persons thought the threat had remained unchanged and 22 per cent felt that they were not threatened by unemployment at all.
Consumers predicted in October that consumer prices would go up by 2.7 per cent over the next 12 months. The long-term predicted average inflation rate is 2.3 per cent, according to the release.
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