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But with both Newcastle and Exeter both recently seeking investment, they also admitted being increasingly pessimistic over the financial stability of the club game.

He added the study showed people were "everywhere too pessimistic", with wallets much more likely to be returned than predicted.

“Don’t be optimistic, don’t be pessimistic — just be realistic. Tell me what paths look like. Tell me what journeys look like,” he said.

“Views of current labor market conditions weakened. Consumers became pessimistic about future business conditions and less optimistic about future income,” Stephanie Guichard, the board’s senior economist for global indicators, said in a statement.

“Some people think I’m a little bit — not pessimistic, but not joyful enough,” he says.