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(CEP News) Frankfurt - Economic sentiment continues to deteriorate in the euro zone and has pushed the EU Commission's economic confidence indicator down to a record-low 67.1 in December from November's 74.9 level. Expectations had called for a more modest decline to 71.8 for the month.
Disaggregating the figures, the consumer confidence component slipped to -30, down from both the -26 figure expected and November's -25 level, while industry confidence fell to -33, down eight points from the previous month's level and overshadowing the five-point contraction forecast. Services confidence also lost ground, declining from -12 to -17 in December, well below the -14 figure expected. The Commission also reported that the euro zone business climate indicator fell below expectations, declining all the way to -3.17 in December, down from both the -2.7 figure expected and November's -2.1 figure. The prior month's figure was revised up from an initial estimate of -2.14. The euro is currently trading down 0.63% on the day at $1.3559 USD. Written by CEP News European Staff in Frankfurt,
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, edited by Nancy Girgis,
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