Consumer confidence dives to minus 17.6

Consumer confidence in the euro area continued to decline in November, due to the mounting COVID-19 infection rate and the tightening of measures to contain the virus in many countries. This is apparent from a preliminary estimate by the European Commission.

The index used by Brussels to measure confidence continued to decline to a level of minus 17.6. Last month,that was a minus 15.5. Economists, in general, had counted on a stand of minus 18.

The index is well below the long-term average of minus 11.2 for the euro area.