Euro area consumer confidence falls 2.4 points in June

Euro area consumer confidence indicator fell to minus 23.6 points in June, down 2.4 points from a month ago, the European Commission announced on Wednesday.

Consumer confidence in the EU also declined by 1.9 points to minus 24.0 points on a monthly basis, it said in a statement.

The indicator measures the level of confidence in economic activity and is used to predict consumer spending. Negative readings indicate low optimism among consumers.

The reading was below its long-term average of minus 10.6 for the EU and minus 11.0 for the euro area, and closer to the record low recorded in April 2020, at the beginning of the COVID-19 pandemic.

The European Commission also said the economic sentiment indicator in June dropped 1.7 points to 102.5 in the EU and 1 point to 104 in the euro area.

In addition, the employment expectations indicator also decreased in the EU, by 1.6 points to 110.6, and by 1.7 points to 110.9 in the euro area, it added.