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Eurozone consumer sentiment continues to improve


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Eurozone consumer sentiment continues to improve

Consumer confidence in the 19 countries that make up the eurozone rose less than expected in May according to a preliminary estimate by the European Commission.

It reached minus 3.3 in May from minus 3.6 in April.

That means it was up for the third straight month and reached its highest level in nearly a decade, July 2007 to be precise, before the financial crisis slammed consumer confidence badly.

It is the latest sign the eurozone is recovering from its prolonged debt crisis and follows confirmation that employment is picking up in the region, with the jobless rate falling to 9.5 percent, the lowest since 2009.

Inflation is also rising which indicates growth, though that will likely squeeze purchasing power.

In the 28 countries of the wider European Union consumer confidence also edged up in May. It rose 0.1 point to minus 3.3.

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