BRUSSELS (Reuters) – Euro zone consumer confidence fell in November compared to the previous month, the first estimate from the European Commission showed on Thursday.
The Commission said consumer confidence in the 17-member euro zone slipped to -26.9 this month from a revised October figure of -25.7.
Consumer spending accounts for more than half of euro zone economic output, but with the effects of the debt crisis cutting disposable income, households have been in no position to contribute much to economic recovery.
In the wider 27-member European Union, consumer sentiment improved a fraction, to -23.7, compared to -24.3 last month.
EU leaders want to drive economic growth and employment after nearly three years of crisis and austerity, but the bloc has little immediate cash to invest and faces the longer-term challenge of falling productivity and an ageing workforce.
For European Commission data click on:
http://ec.europa.eu/economy_finance/db_indicators/surveys/index_en.htm
(Rex Merrifield, Brussels newsroom)
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