Euro area consumer confidence drops to -23.6 points this mon...| MENAFN.COM

Wednesday, 10 August 2022 05:05 GMT

Euro area consumer confidence drops to -23.6 points this month

(MENAFN) Euro area consumer confidence indicator dropped to negative 23.6 points this month, dropping 2.4 points from May, the European Commission declared on Wednesday.

It mentioned in a statement consumer confidence in the EU also decreased by 1.9 points to negative 24.0 points on a monthly basis.

The indicator measures the rate of confidence in financial actions and is used to predict consumer spending.

Minus readings signal less optimism between customers.

The reading was under its long-term average of negative 10.6 for the EU and negative 11.0 for the euro area, and near to the lowest recorded in April two years ago, at the start of the COVID-19 epidemic.

The European Commission also stated that the financial sentiment indicator in June fell 1.7 points to 102.5 in the EU and 1 point to 104 in the euro area.

It also noted that in addition, the employment estimate indicator also declined in the EU, by 1.6 points to 110.6, as well as by 1.7 points to 110.9 in the euro area.


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