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Eurozone: Consumer confidence remains high - ING

FXStreet (Córdoba) - Bert Colijn, Research Analyst at ING, notes that despite the recent decline, consumer confidence remains high and that the current economic problems in the area come from abroad.

Key quotes:

“Concerns about a global slowdown are reaching the European consumer, as consumer confidence in the Eurozone declined moderately to -7.1 in September.”

“Because lower oil prices are helping real wages grow at a pace rarely even seen in the 2000s and job growth remains gradual, the future looks reasonably bright for European consumers.

“This means that the financial situation of the Eurozone consumer seems to be on the rise, balancing out the concerns about the global economy. After years of Eurozone crisis, the current economic problems aren't at home, but at the neighbors’.”

“Even though the growth in consumer confidence has stagnated and lies a few points below its December peak, the level of confidence remains high."

“The outlook for domestic demand remains reasonably bright and growth in consumer spending is likely to continue at a steady pace during the rest of 2015. While this is the case, the current stagnation in confidence suggests that further acceleration in consumption is unlikely in the months ahead.

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