Job security optimism amidst financial fears in Yorkshire

PEOPLE in Yorkshire are more confident about their job security than this time two years ago, according to the latest consumer survey by leading analysts at Deloitte.

Deloitte has published its latest Consumer Tracker, which ranks confidence across a number of key economic areas. In Yorkshire, sentiment around disposable income however has worsened, from a -27% level in 2012, down to -31% in 2013.

The survey also showed that a higher proportion of people believe their job security has improved (from -16% in Q3 2011 up to -7% in Q3 2013).

Andrew Coticelli, consumer business partner at Deloitte in Yorkshire, said:  “Overall confidence is growing, so we hope that Yorkshire will soon follow suit. Less pressure on incomes, combined with renewed economic optimism and an improving housing market make for a story of gradually recovering confidence – notwithstanding the fact that the level of real incomes is continuing to fall.”

Nationally, however, confidence is at its highest since the Deloitte Consumer Tracker began in Q3 2011. While sentiment remains in negative territory, the index rose to -25% in Q3 2013, from -43% in Q3 2011.

Ian Stewart, chief economist at Deloitte said: “Official data shows earnings rose by 0.7% over the last year, far slower than the rise in the index of inflation and taxes at 2.2%. Therefore, the squeeze on consumer spending power continues. Far more consumers are pessimistic about incomes than are optimistic and our index of disposable income remains in negative territory.”