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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 30 August 2012 [View all]xchrom
(108,903 posts)21. Euro-Area Confidence Drops, German Jobless Increases: Economy
http://www.bloomberg.com/news/2012-08-30/euro-area-confidence-drops-more-than-forecast-to-3-year-low-1-.html
Economic confidence in the euro area fell more than economists forecast in August as leaders struggled to rein in the sovereign debt crisis and the regions slump deepened.
An index of executive and consumer sentiment in the 17- nation euro area dropped to 86.1 from 87.9 in July, the European Commission in Brussels said today. Thats the lowest since August 2009. Economists had forecast a decline to 87.5, the median of 26 estimates in a Bloomberg News survey showed. In Germany, jobless claims rose for a fifth month in August.
European consumers and executives are growing more pessimistic about the outlook as officials try to contain the debt turmoil thats showing little sign of abating. Spanish Prime Minister Mariano Rajoy meets with French President Francois Hollande today as he considers seeking a second European bailout.
The economy might have contracted slightly more than previously forecast in the third quarter, said Christoph Weil, an economist at Commerzbank AG in Frankfurt. We still expect the economy to stabilize toward year-end but for that to happen, indicators would have to improve over the coming months. The problem is that the core of the euro area is weakening as well, pushing the economy deeper into recession.
Economic confidence in the euro area fell more than economists forecast in August as leaders struggled to rein in the sovereign debt crisis and the regions slump deepened.
An index of executive and consumer sentiment in the 17- nation euro area dropped to 86.1 from 87.9 in July, the European Commission in Brussels said today. Thats the lowest since August 2009. Economists had forecast a decline to 87.5, the median of 26 estimates in a Bloomberg News survey showed. In Germany, jobless claims rose for a fifth month in August.
European consumers and executives are growing more pessimistic about the outlook as officials try to contain the debt turmoil thats showing little sign of abating. Spanish Prime Minister Mariano Rajoy meets with French President Francois Hollande today as he considers seeking a second European bailout.
The economy might have contracted slightly more than previously forecast in the third quarter, said Christoph Weil, an economist at Commerzbank AG in Frankfurt. We still expect the economy to stabilize toward year-end but for that to happen, indicators would have to improve over the coming months. The problem is that the core of the euro area is weakening as well, pushing the economy deeper into recession.
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