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Financial News: Eurozone Economic Confidence Near 2-Year Low

Eurozone Economic Confidence Near 2-Year Low

10/28/2022 - 06:45:00 (RTTNews)

(RTTNews) - Eurozone economic confidence weakened to a near two-year low in October due to marked deteriorations in services and manufacturing sentiment, survey results from the European Commission showed on Friday.

The economic sentiment index fell to 92.5 in October, as expected, from 93.6 in September. The reading was the lowest since November 2020.

Declines in services and manufacturing confidence were only partly offset by slight improvements in retail trade and consumer confidence, the survey showed.

At -1.2, the industrial confidence index was the weakest since January 2021 and marked the eighth consecutive fall. Economists had forecast the index to fall more sharply to -1.8 from -0.3 in September. Managers' assessments of the current level of overall order books worsened markedly.

Reflecting a marked deterioration of all three components namely views on the past business situation, past demand, and demand expectations, the services sentiment index declined more-than-expected to 1.8 from 4.4. The score was the lowest since April 2021 and below economists' forecast of 3.2.

Meanwhile, the consumer confidence indicator picked up to -27.6 in October from a record low -28.8 a month ago. The reading matched the flash estimate.

Similarly, confidence among builders improved in October with the index rising to 2.6 from 1.8, driven by a marked improvement in managers' employment expectations.

The survey showed that the employment expectations indicator decreased by 1.7 points to 104.9 in October, the survey showed.

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