HELSINKI (dpa-AFX) - Finland's consumer morale sunk further in October to its lowest level in five months as people grew more concerned about unemployment and inflation, survey data from Statistics Finland revealed on Tuesday.
The consumer confidence index dropped to -9.7 from -4.9 in September. A year ago, the reading was -7.6.
The current index score is well below -2.9, which is the long-term average for the indicator since 1995, the agency said.
The Consumer Confidence Survey was carried out between October 1 and 18 among 1,171 residents.
Survey participants' view on their personal financial situation and the national economic situation weakened further. Their expectations regarding both were also very weak.
Consumers' delayed plans for buying big-ticket goods and raising a loan. Spending plans were trimmed drastically, especially those regarding the purchase of a car and a house.
Households' inflation expectations climbed and their views on the unemployment situation turned gloomier again.
Separate survey results from the Confederation of Finnish Industries (EK) showed that factory confidence was broadly steady in October with the indicator slipping to 2 from 3 in the previous month and remained above average. Production growth expectations were positive.
Morale weakened in construction, retail trade and services sectors in October.
The industry body's business tendency survey, carried out among 1,158 companies, showed that Finnish companies have become slightly more cautious in their assessments compared to the previous survey, even though their business outlook is clearly stronger than in the early months of the year.
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