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Consumer Confidence Deteriorating Further in Europe

The economy of the Eurozone went through one of the biggest recession during March-April, when the continent was closed off to anything, apart from necessary businesses. The consumer confidence dived pretty hard, as the income slowed, but it improved somewhat during summer, as the continent reopened. But, with the new restrictions and lock-downs, the situation is deteriorating again and it is expected to get worse:

 

Eurozone November Consumer Confuidence

  • November final consumer confidence -17.6 points vs -17.6 prelim
  • Economic confidence 87.6 points vs 86.0 expected
  • Prior economic confidence 90.9 points; revised to 91.1
  • Industrial confidence -10.1 points vs -10.9 expected
  • Prior industrial confidence -9.6 points; revised to -9.2
  • Services confidence -17.3 pointsvs -16.3 expected
  • Prior -11.8 points; revised to -12.1

Euro area economic confidence slumped on the month amid tighter restrictions across the region and that highlights the struggle with the recovery towards the year-end. As the restrictions look set to continue until the closing stages of the year, it makes for a very uncertain outlook going into Q1 2021 if the virus situation isn’t contained.

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Skerdian Meta
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Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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