October Consumer Confidence declines in Eurozone

The European Commission said Thursday that its measurement index of consumer confidence in the Eurozone declined to minus 4.8 in October from minus 4.0 in September.

Economists polled by The Wall Street Journal had forecast a reading of minus 5.0. The fresh reading comes amid rising inflation and economic recovery slowdown.

A high level of consumer confidence stimulates economic expansion while a low level drives to economic downturn. A high reading is seen as positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).

The Consumer Confidence released by the European Commission is a leading index that measures the level of consumer confidence in economic activity.