PARIS (MNI) – Eurozone consumer morale eroded more than generally
expected in September to a three-year low, according to the European
Commission’s preliminary estimate released Wednesday.
After a 6.8-point slide since June to -16.5 in August, the
sentiment indicator fell another 2.4 points in September to -18.9 — 6.4
points below the long-term average. Most analysts had expected a decline
of at most 1.5 points in a range of -20.0 to -16.1.
The indicator had dropped 5.3 points July, reflecting growing
concerns about prospects for the economy and the labor market. Consumers
said their financial situation had deteriorated and expected the trend
to continue. They said they were cutting back on major purchases and
planned further belt-tightening in the coming year.
The final sentiment figure for September, along with the other
components of the Commission’s comprehensive sentiment survey, should be
released next week.
[TOPICS: M$XDS$,M$X$$$]