Consumer confidence in Eurozone at a 15 year low

Confidence among consumers and businesses has fallen to an all time low in 15 years within the eurozone. The economic sentiment indicator has dropped from 80.0 in October to 74.9 in November. This is a big fall and most analysts are expecting the ECB to cut interest rates next week to try and encourage consumer spending. A spokesman from Commerzbank has expressed how he thinks the eurozone is in a deep recession. This is supported by the fact that the economy has contracted for the two previous quarters and is therefore technically considered to be in a recession.

The European Commission has this week announced a package of 200bn euros to try and help the economy turn itself around by encouraging consumer spending. The end of Decemeber will see as to whether the UK economy is officially in a recession. It is expected by most analysts that this will in fact be the case.