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Eurozone consumer confidence drops further into negative territory in August

Eurozone consumer confidence fell deeper into negative territory in August, edging down 0.5 of a point from the prior month to negative 7.1 points, flash estimates from the European Commission showed.

The consensus estimate of economists polled by Econoday was for a reading of negative 6.8.

In the wider EU, consumer confidence dropped month over month by 1.1 points to negative 7.0 points.

Both eurozone and EU consumer confidence indicators were still above their respective long-term averages of negative 10.7 and negative 10.0.

The latest consumer confidence data came a week after Germany reported an economic contraction in the second quarter.

A slowdown in economic growth is fueling pessimism among consumers, along with trade tensions, a no-deal Brexit scenario and Italy's political crisis, according to analysts at ING Economics.

"Confidence continues to zigzag as optimism about current personal finances and jobs is combined with pessimism about the general economic outlook," the analysts said in a note.