FXstreet.com (Barcelona) - Euro Area's economy is feeling the impact of the global economic slowdown, to the point of dragging economic and business sentiment to historically low levels, according to data released by the European Commission.
Consumer confidence has been hit stronger than expected in December, dropping five points from November to a level of -30, while market analysts had advanced a one point drop to -26. The possibility of rendering unemployed has increased substantially among Euro Zone citizens, which has sent consumer confidence tumbling to the lowest levels since 1985.
Industrial confidence has been hit in a comparable manner, weighed by meager order books, which have translated in a 8 points drop of industrial confidence reaching a level of -33 in December from -25 in November.
The overall economic sentiment index has fallen to 67.1 in December from 74.9 in November, as confidence in services and retail sectors plummeted in line with the other sub indexes, while the Busines Climate Indicator falling to -3.17, the lowest level in its 24-year history.