Consumer confidence rises in Eurozone in November
Consumer confidence rises in Eurozone in November, beating the wider European Union
Eurozone consumer confidence has improved sharply in November, shrugging off any aftermath from the UK’s decision to vote to leave the European Union.
The indicator improved by 1.9 points to -6.1, according to the European Commission. This is well above the long-term average of around -12.
Consumer confidence has gradually improved over the last three months after falling significantly from May to to June of this year.
It has been above -10 for all of January, hitting a 2016 low of -9.7.
During the depths of the global financial crisis at the start of 2009 it fell almost as far as -35, an all-time low. It has recovered gradually since then, although it took another big hit in 2013, reaching below -25, as the Eurozone crisis took hold.
The data will provide encouragement for the European Central Bank (ECB) to keep interest rates low. Yesterday ECB president Mario Draghi stridently defended its ultra-low interest rates policy, claiming that they had formed a major part of the recovery in Eurozone growth.
Source: CITYA.M. – Consumer confidence rises in Eurozone in November
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