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Downturn deepens in eurozone
Source: Agencies |
January 7, 2012, Saturday
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Print Edition
Print Edition
THE eurozone's economy deepened its downturn at the end of 2011 as retail sales fell and sentiment soured, but the first improvement in the business climate in 10 months offered hope that an expected recession may be mild.
Eurozone retail trade fell a worse-than-expected 0.8 percent in November from October, data from the European Union's statistics office Eurostat showed yesterday. Economists polled by Reuters had forecast a 0.2 percent monthly fall.
Pointing to the cautiousness of European households, the European Commission said that in December consumer confidence fell 0.7 point in the 17 countries using the euro.
In its reading of economic sentiment in the eurozone, the commission said its indicator fell 0.5 point to 93.3, its lowest level since November 2009.
"This data has recession written all over it," said Martin van Vliet, a euro zoneeconomist at ING. "It is all but guaranteed that we are going to see a contraction in the eurozone in the fourth quarter."
High unemployment is afflicting the eurozone, hurting consumers, and Eurostat said the bloc's jobless rate was 10.3 percent of the working population in November.
Eurozone retail trade fell a worse-than-expected 0.8 percent in November from October, data from the European Union's statistics office Eurostat showed yesterday. Economists polled by Reuters had forecast a 0.2 percent monthly fall.
Pointing to the cautiousness of European households, the European Commission said that in December consumer confidence fell 0.7 point in the 17 countries using the euro.
In its reading of economic sentiment in the eurozone, the commission said its indicator fell 0.5 point to 93.3, its lowest level since November 2009.
"This data has recession written all over it," said Martin van Vliet, a euro zoneeconomist at ING. "It is all but guaranteed that we are going to see a contraction in the eurozone in the fourth quarter."
High unemployment is afflicting the eurozone, hurting consumers, and Eurostat said the bloc's jobless rate was 10.3 percent of the working population in November.
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