Austria: Consumer sentiment remains pessimistic in November
Consumer confidence fell from minus 3 in October to minus 4 in November as the index remained entrenched in pessimistic territory.
The downtick in November reflected less rosy views on the financial situation of households in the year ahead, likely owing to a deteriorating outlook on the general economic situation in Austria over the same time period. Consequently, sentiment regarding the labor market soured further with more respondents expecting a pick up in the unemployment rate. Unsurprisingly, then, intentions to save over the next 12 months rose despite the ECB’s loose monetary policy making saving an unattractive option.