Financial News: Eurozone Economic Confidence At 15-Month High

Eurozone Economic Confidence At 15-Month High

08/29/2024 - 07:06:00 (RTTNews)

(RTTNews) - Eurozone economic sentiment strengthened to a 15-month high in August as the Olympic Games boosted sentiment in France, survey results from the European Commission revealed Thursday.

The economic confidence index advanced to 96.6 in August from 96.0 in the previous month. This was the highest score since May 2023.

The reading was expected to remain unchanged at July's initially estimated value of 95.8.

The increase in the ESI reflected improved confidence in industry, services and retail trade, while confidence among consumers and in construction remained broadly stable.

The industrial confidence index advanced to a five-month high of -9.7 in August from -10.4 in the previous month.

At 6.3, the services confidence index rose from 5.0 and also remained above forecast of 5.2. Likewise, the retail trade confidence index rose to -8.1 from -9.1.

The final consumer sentiment index hit -13.5, down from -13.0 in July and the initial score of -13.4. Sentiment among contractors weakened slightly in August, with the index easing to -6.5 from -6.4.

The Employment Expectations Indicator picked up more significantly after several months of decline, the survey showed.

Selling price expectations decreased considerably in retail and more moderately in industry, while remaining broadly stable in services and construction.

ING economist Bert Colijn said French Olympic optimism blurred the picture on the eurozone economy. The second half of the year is set to be one of sluggish growth and still elevated inflation, the economist said.

There is nothing in today's data to change the view that policymakers will cut interest rates by a further 25 basis point when they next meet in mid-September, Capital Economics' economist Andrew Kenningham said.

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