Eurozone economic confidence at lowest for 3 years

AP News
Posted: Sep 27, 2012 5:00 AM
Eurozone economic confidence at lowest for 3 years

BRUSSELS (AP) — Economic confidence among the 17 countries that use the euro has fallen to its lowest level in over three years, according to a survey by the European Union's executive arm.

The European Commission said Thursday that its economic sentiment indicator, a broad gauge of confidence, dropped by 1.1 points in September to 85.0 — the lowest level since August 2009, when the eurozone was suffering a deep recession following the banking crisis.

The indicator has been slipping for seven months, a clear sign that economic confidence has been dented by the ongoing debt crisis across the region. Many countries in the eurozone are already in recession.

September's fall comes despite signs of stabilization in financial markets following the announcement of a new bond-buying plan by the European Central Bank.