Consumer confidence hit by euro debt crisis

Tim Wallace
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CONSUMER confidence in the Eurozone hit a 27-month low in November, as the sovereign debt crisis worsened, European Commission figures showed yesterday.

The indicator fell from minus 19.9 in October to minus 20.4 in November in the Eurozone and from minus 20.2 to minus 20.7 in the wider EU.

The falls are much larger than the decline from September to October because the crisis has worsened sharply, analysts say.

“With unemployment rising, consumer confidence might well weaken further. Today’s figures are a wake up call for Eurozone policymakers to quickly come up with a comprehensive solution to the debt crisis,” said Martin van Vliet from ING Bank.

Meanwhile, leading indices from the Conference Board show Germany’s economy is also weakening rapidly.