Eurozone Consumer Morale Erodes Less Than Expected In June

PARIS (MNI) – Eurozone consumer morale eroded less than generally
expected in June, according to the European Commission’s preliminary
estimate released Thursday.

After a 0.6-point upturn in May, the sentiment indicator fell back
0.3 point in June to -19.6 – nearly seven points below the long-term
average. The median forecast in an MNI survey of analysts was -20.0 in a
range of -21.5 to -19.0.

The unexpected upturn in May was due in part to a much less
pessimistic outlook for labor market trends in Germany and France, which
pulled up the average for the Eurozone.

Overall, while households were slightly less alarmed about economic
and inflation prospects, more expected their financial situation to
deteriorate over the coming year. Plans for major purchases recovered
somewhat, while remaining below averaged.

The final sentiment figure for June, along with the other
components of the Commission’s comprehensive business survey, should be
released on June 28.

[TOPICS: M$XDS$,M$X$$$]