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Eurozone Nov Flash Consumer Confidence Falls Unexpectedly

Eurozone's consumer confidence declined in November, defying expectations for an increase, preliminary data from the European Commission showed Friday.

The flash consumer confidence indicator decreased to -11.6 from a -11.1 in October. Economists had forecast the index to rise to -10.7.

For the EU, the consumer confidence index slid by 0.8 points to -8.2.

"There is no breakdown available yet of Eurozone consumer confidence in November, so it is not possible to ascertain at this stage why confidence fell anew. However, evidence from both the Netherlands and Belgium suggest that consumers became significantly more worried in November about the economic situation and outlook, "
Howard Archer, Chief European and UK Economist at iHS said.

"Despite dipping to a nine-month low in November, the European Commission's consumer confidence index is still modestly above its long-term average, although the situation does vary markedly between countries, "

The final figures will be released along with the economic sentiment survey data on November 27.

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