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Financial News: Eurozone Economic Confidence Highest Since January 2001

Eurozone Economic Confidence Highest Since January 2001

10/30/2017 - 06:54:00 (RTTNews)

(RTTNews) - Eurozone economic confidence rose to the highest level since early 2001, survey results from the European Commission showed Monday.

The economic sentiment index improved more-than-expected to 114.0 in October from 113.1 in September. This was the highest since January 2001, when the reading was 144.4. The expected score was 113.3.

Improved sentiment resulted from marked increases in confidence in the industry, retail trade and construction sectors and, to a lesser extent, from an increase in confidence in the services sector.

The industrial sentiment indicator rose to 7.9 from 6.7 in September. The expected reading was 7.

The retail trade confidence index came in at 5.5 versus 3.0 a month ago. At the same time, the services confidence index climbed moderately to 16.2 from 15.4 a month ago.

The consumer sentiment indicator improved to -1 in October from -1.2 in the previous month. The score came in line with initial estimate.

Another report from EU showed that the business confidence index rose to 1.44 from 1.34 in September. The expected score was 1.41.

Managers' appraisals of the stocks of finished products, past production and overall order books improved strongly. By contrast, managers' production expectations dropped slightly and their assessments of export order books remained broadly unchanged in October.

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