Consumer sentiment in the euro area experienced a significant decline in November, reaching its lowest point in five months, according to preliminary survey results released by the European Commission on Thursday.
The initial consumer confidence index for the Eurozone fell to -13.7, down from -12.5 in October, unexpectedly surpassing economists' predictions of -13.0. This reading marks the weakest level since June, when the index stood at -14.0.
Similarly, the consumer confidence index for the European Union decreased by 1.1 percentage points to -12.4.
Both indices have now dropped below their long-term averages, as noted by the European Commission. The survey data was collected between November 1 and November 20.
This decrease in consumer confidence follows the U.S. presidential election, which resulted in Donald Trump's re-election.
The finalized consumer confidence figures for November will be released alongside the monthly economic sentiment survey data on November 28.