Consumer Confidence Drops In Europe

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BRUSSELS, Oct. 20 (UPI) — The European Commission said Thursday consumer confidence declined sharply in September in the European Union and the eurozone.

The Economic Sentiment Indicator for both the EU and the eurozone declined 3.4 points, hitting 94 and 95, respectively.

“The decrease reflects broad-based cross-sector deterioration in sentiment, with particularly strong losses in confidence in industry and services,” the commission’s monthly report said.

The index for both regions has dropped sharply for most of the year, although the index is well above the record low under 70 set in early 2009.

The index assigns the 1990-2009 average a numerical value of 100. Below 100 indicates confidence has fallen below that 20-year average.

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