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Eurozone consumer confidence improves in May

Consumer confidence in the eurozone picked up in May from an upwardly revised reading a month ago, according to the European Commission's flash estimate.

Consumer confidence in the single-currency area gained 0.8 points to negative 6.5 points in May from negative 7.3 points in the prior month. The Econoday consensus forecast for May was negative 7.6 points.

In the wider EU, consumer confidence edged up 1.1 points month over month to negative 6.2 points in May.

Both the indicator for the eurozone and for the wider EU surpassed their respective long-term averages of negative 10.7 and negative 10.0.