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Eurozone Economic Sentiment Improving
Business and consumer confidence in the eurozone economy grew from November to December despite the region's record-high levels of unemployment, Eurostat reports.
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Business and consumer confidence in the eurozone economy grew from November to December despite the region's record-high levels of unemployment, Eurostat reports.
The EU statistics bureau's Economic Sentiment Index rose 1.3 points to 8.7 in November, buoyed by expectations that inflation is subsiding.
A record 18.8 million people in the 17-country region are out of work, thus worsening the unemployment rate to by 0.1 point from October to 11.8%, according to Eurostat.
The office adds that eurozone producer prices slipped 0.2% month on month in November, and retail sales edged up 0.1%. Consumer spending accounts for about half the region's economy.
Separately, Germany says manufacturing orders there dropped 3.7% in November.
Economists opine that economic reports suggest the eurozone was in recession during the final three months of 2012, marking the third consecutive quarter of contraction.
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