Robert Gardner, Nationwide's chief economist, said: "Consumer confidence continued to slide in October, falling by nine points to a new all time low of 36.
“The Index has now fallen for five months in a row, leaving it languishing five points below the previous low of 41 recorded in February this year.
“The confidence index, which began in May 2004, is now more than forty points below its long run average of 78.
"There have been a number of factors holding back confidence in recent months. A wave of disappointing economic news at home and ongoing uncertainty surrounding the Euro crisis has dealt a heavy blow to sentiment.
"Pressures on household budgets have also intensified, with underlying wage growth running at less than half the rate of inflation and the jobs market showing renewed signs of weakness.
“Employment dropped by a substantial 197,000 in the three months to September - not far off the pace of job losses recorded during the depths of the recession.
"In early October the Bank of England expanded its asset purchase scheme, which should help to stimulate the economy in the months ahead, although it is likely to take some time before the benefits are felt by consumers.”
"The downbeat mood extended to the housing market, where consumers expect prices to fall by 0.6% over the next six months."
