Euro area consumer confidence indicator declined by 0.3 points in February to -8.8 points, the European Commission announced on Friday.

Consumer confidence in the EU also fell by 0.2 points to -10.2 points on a monthly basis, it said in a statement.

The indicator measures the level of confidence in economic activity and is used to predict consumer spending. Negative readings indicate low optimism among consumers.

The European Commission also said the economic sentiment indicator in January eased further in the EU, by 1.4 points to 111.6, and by 1.1 points to 112.7 in the euro area, but both remained high overall.

In addition, employment expectations indicator decreased for the second consecutive month in the EU, by 0.5 points to 113.1, and by 0.2 points to 113.3 in the euro area, it added.

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