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Financial News: Eurozone Economic Confidence Highest Since Mid 2007

Eurozone Economic Confidence Highest Since Mid 2007

08/30/2017 - 06:06:00 (RTTNews)

(RTTNews) - Eurozone economic confidence reached its highest level in more than ten years in August, survey results from European Commission showed Wednesday.

The economic confidence index rose to 111.9 in August from 111.3 in July. The score was forecast to rise slightly to 111.3 from July's initially estimated value of 111.2.

The reading was the highest since July 2007, when the score was 112.6

The industrial sentiment index improved to 5.1 in August from 4.5 in the previous month. The increase in confidence was triggered by a marked growth in managers' production expectations and a slight improvement in their assessment of the stocks of finished products.

The services confidence index climbed to 14.9 from 14.2 in July. Higher services confidence resulted from managers' more positive assessment of the past business situation and higher demand expectations, while their assessment of past demand remained virtually unchanged.

The consumer confidence index came in at -1.5, in line with flash estimate, versus -1.7 in the previous month.

Households' more optimistic views on their future financial situation and savings expectations were largely offset by more pessimistic assessments of the future general economic situation and future unemployment.

On the other hand, the confidence indicator for retail trade declined to 1.6 from 3.9 a month ago. Retail trade confidence plunged due to managers' more negative views on all three components of the indicator that is the assessments of the present and expected business situation and of the adequacy of the volume of stocks.

The construction confidence indicator decreased due to markedly lower employment expectations and worsened assessments of the level of order books. The corresponding index slid to -3.3 from -1.8 a month ago.

Another report from EU showed that the business sentiment index rose marginally to 1.09 from 1.04 in July.

Managers' production expectations increased markedly in August. Their appraisals of the stocks of finished products and past production also improved. By contrast,managers' views on overall order books and, in particular, export order books deteriorated.

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