Increase In Euro-Zone Consumer Confidence Shows Promise For Economic Recovery
Given the current state of the European debt crisis, the smallest movement in the consumer confidence index is a hugely positive sign for economists worldwide. Such a sign presented itself in a report released this morning, much to the relief of analysts who have been cautiously optimistic about the euro zone’s ability to make its way from the mountain of debt that it’s currently experiencing, reports Nasdaq.
With the near collapse of several European economies following the recession, the larger economies — notably Germany — found themselves pressured to help bail out the European Union. According to Reuters, consumer spending accounts for nearly half of the euro zone’s economic output, but under the burden of the recession, the effects of the debt crisis have slashed disposable income — and subsequently, consumer spending.
With the index currently sitting at -23.6, up from -23.9, economists are hopeful that Europe’s spending legs may be regaining their strength, and move the region in a positive direction of growth. It is the highest index number since July 2012…