Eurozone consumer confidence has dropped this month, as the strong recovery posted earlier this year slows down.
Source: European Commission
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Consumer confidence in the euro area deteriorated in October with the European Commission’s Consumer Confidence Index falling to -4.8 from -4 in September. The index came in slightly better than the market estimates of -5%.
In the European Union as a whole, the Consumer Confidence Index indicator dropped to -6.1 from 5.2%.
The figure indicates people are less optimistic about the economic outlook as the persisting supply chain constraints and surging energy push inflation to a 13-year record high.
Earlier in the year, consumer confidence had surged as vaccine rollouts allowed economies to reopen, unemployment dropped, as people returned to shops, hospitality locations, and leisure activities.