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Financial News: Eurozone Consumer Confidence Improves For Fifth Month

Eurozone Consumer Confidence Improves For Fifth Month

06/20/2024 - 10:38:00 (RTTNews)

(RTTNews) - Pessimism among euro area consumers lessened for a fifth month in a row in June and their confidence was the highest in over two years as the European Central Bank cut interest rates for the first time in five years.

The flash consumer confidence index for Eurozone rose to -14.0 from -14.3 in May, preliminary results of the monthly survey by the European Commission showed Thursday. That was in line with economists' expectations.

The latest reading was the highest since February 2022, when the score was -9.4.

The corresponding indicator for the EU also gained 0.3 points to reach -12.9.

Both readings still fell slightly short of its long-term average, the EU said.

The survey data was collected from June 1 to 19.

The <a href=https://www.rttnews.com/3452830/ecb-cuts-rates-by-25-bps-as-expected-on-improving-inflation-outlook.aspx target=_blank >ECB lowered interest rates by 25 basis points</a> earlier this month, taking the refi rate to 4.25 percent. This was the first reduction since 2019.

Economists expect one more ECB rate cut this year.

Detailed data from the consumer confidence survey is set to be published along with the monthly economic sentiment survey results on June 27.

For comments and feedback: contact editorial@rttnews.com

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