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Consumer Confidence Continues To Climb From A Very Low Base


Eurozone consumer confidence came in at -22.2 in the flash December reading, up from -23.9 in November and slightly above -22 survey expectations. The broader EU reading climbed to -24.4 in Dec vs -25.8 in Nov.

  • The consumer confidence series began a sharp decline in March - as the Russia-Ukraine war began - and troughed in September, at -28.7.
  • Even though confidence has improved to the highest level since May, it's still lower than any point outside the 2020 pandemic panic, and still well below the Global Financial Crisis and Eurozone debt crisis lows of 2008 and 2012, respectively.
  • There's no breakdown of these results, but recent improvements in other confidence surveys suggest some relief merely because uncertainty is not rising any further. And while inflation is hitting historic highs, it is no longer a "surprise" to consumers.
  • That said, as we've pointed out with "misery" indices, it will probably take significant disinflation before there is any major improvement in confidence.

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