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Financial News: Eurozone Economic Confidence Near 5-Year Low

Eurozone Economic Confidence Near 5-Year Low

10/30/2019 - 06:48:00 (RTTNews)

(RTTNews) - Eurozone economic confidence eased to a near five-year low in October suggesting that the single currency bloc entered the fourth quarter on a weak footing.

The economic sentiment index dropped to 100.8 in October from 101.7 in the previous month, survey results from the European Commission showed Wednesday. This was the lowest since January 2015, when the reading was 99.9.

The industrial confidence index came in at -9.5 versus -8.9 a month ago. This was the weakest score since mid 2013. This decrease resulted mainly due to managers' more pessimistic production expectations.

Similarly, the services sentiment indicator fell to 9.0 from 9.5 in September as managers turned more pessimistic on the past business situation and demand expectations.

Largely due to the strong deterioration in households' expectations about the general economic situation and their future financial situation, the consumer confidence index declined to -7.6, as initially estimated, from -6.5 a month ago.

The drop in retail trade confidence to -0.7 in October resulted from more negative views on both the present and expected business situation and the adequacy of the volume of stocks.

On the other hand, the construction confidence index rose notably by +1.3 points to 4.7, fueled by managers' more optimistic employment expectations and their assessment of the level of order books.

Another report from EU showed that the business confidence index rose to -0.19 in October from -0.23 in September. Business managers' views on past production improved sharply and their assessments of export order books increased to a lesser extent.

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