People in the North East are more confident about their disposable income and job prospects than this time a year ago, according to the latest consumer survey by leading business analysts at Deloitte.
Deloitte has published its latest Consumer Tracker, which ranks confidence across a number of key economic areas as a positive or negative percentage.
In the North East, sentiment around job opportunities and career progression is improving, from a -13% level in the third quarter of 2012, up to -5% in the third quarter of 2013.
Out of all the regions, only London saw greater levels of improvement.
Meanwhile consumers’ confidence about their level of disposable income has improved by two per cent as the index rose to -24% in Q3 2013, from -26% in quarter three of 2012.
Despite this, a higher proportion of people in the region believe their job security is worsening, from -4% in the third quarter of 2012 to -9% in quarter three of 2013.
Paul Feechan, office senior business partner, at Deloitte in Newcastle, said: “Overall confidence is growing, it’s just a little slower than we’d hoped in the North East.
Less downward 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.”