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Financial News: Eurozone Economic Confidence Weakens Unexpectedly In March

Eurozone Economic Confidence Weakens Unexpectedly In March

03/30/2017 - 05:35:00 (RTTNews)

(RTTNews) - Eurozone economic confidence weakened unexpectedly in March, survey results from the European Commission showed Thursday.

The economic sentiment index fell slightly to 107.9 in March from 108.0 in February. The score was forecast to rise to 108.3.

The industrial confidence index dropped marginally to 1.2 from 1.3. Economists had forecast the reading to improve to 1.4.

Broadly flat industrial sentiment was caused by practically unchanged assessments of all questions entering the indicator, namely, in respect of the current level of overall order books, the stocks of finished products and the production expectation.

The services confidence indicator declined to 12.7 in March from 13.9 a month ago. Weaker services confidence reflected managers' more cautious views on past demand, the past business situation, as well as demand expectations.

The consumer sentiment index improved to -5, in line with flash estimate, from -6.2 in February. Consumer confidence firmed on the back of more positive appraisals of the future general economic situation, future unemployment and increased savings expectations.

At the same time, the retail trade confidence index held steady at 1.8. The construction confidence index came in at -9.9 versus -10.1 in the previous month.

Another survey from the EU showed that the business confidence index remained unchanged at 0.82 in March.

Managers' views on all components feeding into the BCI, namely. the level of overall and export order books, past and expected production, as well as the stocks of finished products, remained virtually unchanged.

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