The European Commission says eurozone’s consumer and business confidence index has slipped 0.6 points in June, falling to its lowest level since October 2009. According to a press release issued by the European Commission (EC) on Thursday, eurozone’s Economic Sentiment Indicator (ESI) decreased to 89.9 in June, marking the third consecutive monthly decline of the index. The official data show the strongest declines in the two biggest eurozone economies, France and Germany, with better results in Spain and Italy which are struggling with deep economic woes.
The EC report also explained that the decline in consumers’ confidence is mainly based on worsened expectations about the future general economic situation and increased unemployment fears in the region.Earlier this week, the Council of Europe expressed serious concerns over the rising unemployment rate across the recession-bound continent, warning that the youth unemployment rate in Europe has reached an alarming level. The official figures show that unemployment rate for young people in the European countries, has risen from nearly 14.7 percent in 2008 to nearly 22.4 percent in 2012. Various member states of the European Union have been struggling with deep economic stagnancy since the bloc’s financial crisis began roughly five years ago. TNP/SS