News Summary: Eurozone economic confidence slides

AP News
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Posted: May 30, 2012 3:29 PM
News Summary: Eurozone economic confidence slides

THE NEWS: Economic confidence across Europe fell sharply in May, a further sign that the recent escalation in the region's debt crisis is being felt across the continent.

THE NUMBERS: The European Commission said its economic sentiment indicator for the 17 countries that use the euro fell by 2.3 points in May to 90.6 _ its lowest level in over two years.

THE DRIVERS: The bigger-than-expected decline was driven by falling confidence across all business sectors, especially industry and retail. However, consumer confidence held up.