Turkish consumer confidence index slips in September

Turkish consumer confidence index slips in September

Turkish consumer confidence index slips in September Turkey’s monthly consumer confidence index was lower in September, according to official data released on Sept. 21.      

The index decreased 3.4 percent to 68.7 in September from 71.1 in August, the Turkish Statistical Institute (TÜİK) said in a report.

This index is seen as a vital gauge of the overall health of the economy, indicating people’s sentiments about spending their money, which in turn gives clues about economic vitality.      

All sub-indices of the main index were lower in the month with the probability of saving index—indicating people’s expectation of earning enough money to save—showing the sharpest decline, down 10 percent to hit 20.2 in September from 22.4 in August.

Turkey’s general economic situation index was the second worst performer, slipping by 3.3 percent to 94.7 compared to last month.      

The number of people unemployed expectation index—a gauge of sentiment about the health of the labor market—was down 2.7 percent and stood at 70.5 in the month.     

Turkey’s financial situation expectation of household index was the least-hit figure in the month, decreasing 2.5 percent to reach 89.6 in September.