Consumer Confidence In The Euro Area Deteriorated In November

Consumer Confidence In The Euro Area Deteriorated In November

Consumer confidence in the euro area deteriorated in November as well. Their confidence in the economy has fallen to its lowest level since May. This is another signal that the region's economy is losing momentum. This follows from preliminary data from the European Commission (EC). According to a quick EC estimate, the consumer confidence index in the 19 countries that introduced the common currency fell by 2.1 points month-on-month to November -17.6 points in November 2020. This is its lowest value since May this year, when the region was hit by the first wave of a new coronavirus pandemic. But economists expected an even worse result, a drop in the index to -17.7 points in November due to the rapid growth of new cases of COVID-19 and the resumption of blockades throughout the region. The survey also showed that consumer confidence across the European Union (EU) fell by 2.2 points to -18.7 points this month. Both indicators remained well below their long-term average of -11.2 points for the euro area and -10.6 points for the EU.