European April Consumer Confidence Weakens More Than Forecast

European consumer confidence weakened more than economists forecast in April as surging energy costs sapped households’ spending power and countries from Ireland to Spain cut spending to lower budget deficits.

An index of household sentiment in the 17-nation euro area fell for a second month to minus 11.4 from minus 10.6 in March, the Brussels-based European Commission said in an initial estimate today. That’s the lowest since August. Economists forecast a drop to minus 11, the median of 22 estimates in a Bloomberg News survey showed.

The commission is scheduled to publish its monthly report on euro-area economic confidence, which includes the consumer-confidence gauge, on April 29.