1.   Consumer confidence also enters the equation.

2.   Consumer confidence is at its lowest ebb since January.

3.   Consumer confidence reached an all-time low in September.

4.   In a separate report, the Conference Board, a research group, said consumer confidence dropped sharply in January.

5.   Investors were concerned that allegations of corruption against the ruling party would hurt consumer confidence and economic growth.

6.   It is based on the behaviour of several indicators, including inventories and consumer confidence, ahead of previous recessions.

7.   Mr Major has already discovered that repossessions and defaults cost the government money as well as damaging consumer confidence and financial institutions.

8.   Nevertheless, the fall in unemployment will improve consumer confidence and so underpin spending.

9.   Some analysts cited shaky consumer confidence as a reason for the overall dismal sales.