Consumer morale lowest since early 90s

LONDON (Reuters) - Consumer morale fell to its lowest level in more than 15 years in March as households grew more gloomy about the economic outlook than at any time since the downturn of the early 1990s, a survey showed on Friday.

Research firm GfK NOP's consumer confidence barometer slid to -19 in March, the lowest reading since February 1993, from -17 in February.

The figures make grim reading for Prime Minister Gordon Brown who has boasted that Britain's economy is in a good position to withstand the global credit crunch. They also suggest recent interest rate cuts have done little to boost morale.

All five component indices registered declines.

The measure for the general economic situation fell three points to -43, a level not seen since April 1993. The expectations index, gauging how the economy is likely to fare over the coming year, also fell three points to -32, its lowest level since October 1992 when the country was just coming out of recession.

The "climate for major purchases" index fell to its lowest since April 1995.

"With news reports of possible recession in America, fears of recession in the UK, and stock market fluctuations, the consumer's gloom continues to grow," said Rachael Joy, a researcher at the group.

The survey was carried out in the second week of March.

(Reporting by Christina Fincher; Editing by Gerrard Raven)