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Shanghai consumer confidence sags in Q2
By Wang Yanlin |
July 26, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI consumers were less confident about the city's economic outlook in the second quarter, and nearly half of local residents tightened their belt on daily basis to counter inflation, an index from the Shanghai Statistics Bureau showed today.
Shanghai Consumer Confidence Index, a general gauge of people's sentiment over spending, fell 1.3 points from the first three months to settle at 107.7 in the second quarter. It dropped 5.7 points from a year earlier.
A reading above 100 signals optimism and the new reading was the lowest in seven quarters.
"The index drop is mainly triggered by people's dwindling confidence in the overall economy, employment, household income and life quality," said the bureau in a report. "Consumers are increasingly cautious about spending, and their willingness to purchase big items like properties and cars remains weak."
The component confidence index of the city's overall economy, employment, household income and life quality all dropped in the second quarter from the previous three months. They were led by a 2.2-point cut in employment.
Cai Xuchu, a spokesman for the bureau, said last week that Shanghai endured pains as it revved up economic restructuring. The city's inflation rate may stay high in the next quarter.
"The city's economic growth is weakening," Cai said. "It is a result of active industrial restructuring amid tightening policies, higher prices and uncertainties in the global market."
Shanghai's gross domestic product grew 8.4 percent from a year earlier to 916.4 billion yuan (US$142 billion) in the first half, with second-quarter growth moderating to 8.4 percent from 8.5 percent in the first three months.
Consumer Price Index in Shanghai, the main gauge of inflation, surged to a two-year high of 5.9 percent in June, putting the first-half inflation rate at 5 percent.
Shanghai Consumer Confidence Index, a general gauge of people's sentiment over spending, fell 1.3 points from the first three months to settle at 107.7 in the second quarter. It dropped 5.7 points from a year earlier.
A reading above 100 signals optimism and the new reading was the lowest in seven quarters.
"The index drop is mainly triggered by people's dwindling confidence in the overall economy, employment, household income and life quality," said the bureau in a report. "Consumers are increasingly cautious about spending, and their willingness to purchase big items like properties and cars remains weak."
The component confidence index of the city's overall economy, employment, household income and life quality all dropped in the second quarter from the previous three months. They were led by a 2.2-point cut in employment.
Cai Xuchu, a spokesman for the bureau, said last week that Shanghai endured pains as it revved up economic restructuring. The city's inflation rate may stay high in the next quarter.
"The city's economic growth is weakening," Cai said. "It is a result of active industrial restructuring amid tightening policies, higher prices and uncertainties in the global market."
Shanghai's gross domestic product grew 8.4 percent from a year earlier to 916.4 billion yuan (US$142 billion) in the first half, with second-quarter growth moderating to 8.4 percent from 8.5 percent in the first three months.
Consumer Price Index in Shanghai, the main gauge of inflation, surged to a two-year high of 5.9 percent in June, putting the first-half inflation rate at 5 percent.
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