Huge drop in consumer confidence in the Eurozone

Consumer confidence in the Eurozone has dropped at its sharpest rate since the default of Lehman Brothers in September 2008, according to new data from the European Commission. The initial estimate of high street morale across the single currency area came in at -16.6, down from -11.2 in July. Consumer confidence also dipped across the wider European Union area – down to -16.8 from -12.4 in July 2011.