Confirming or Rejecting the idea of a eurozone recovery

The following chart is an interesting one, depicting the sub-index from the EC consumer survey for major purchase intentions in the eurozone over the next year. Still moribund, this indicator suggests that the consumer is still very cautious in the euro area, but what if it breaks higher? 

I will be watching this closely for a move higher—or a move back down into its post-crisis range—in coming months. 



Picture is courtesey of Pantheon Macroeconomics, and has also been posted at Twitter.