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Financial News: Eurozone Economic Confidence Stagnates In October

Eurozone Economic Confidence Stagnates In October

10/29/2020 - 06:53:00 (RTTNews)

(RTTNews) - Eurozone economic confidence stagnated in October as weaker sentiment in the services sector and among consumers was offset by a recovery of morale in industry, retail trade and construction.

The economic confidence index held steady at 90.9 in October, survey results from European Commission showed on Thursday. The score was forecast to ease to 89.5.

The industrial confidence index advanced to -9.6 from -11.4 a month ago. This was the sixth consecutive rise. The improvement was driven by managers' appraisals of the current level of overall order books and benign views on the adequacy of the stocks of finished products.

However, the services sentiment index fell to -11.8 from -11.2 largely due to the deterioration of managers' demand expectations.

As households reported growing concerns about the expected general economic situation and their expected financial situation, the consumer confidence index declined to -15.5 from -13.9.

The retail trade sentiment rose to -6.9 from -8.6 in the previous month, thanks to brightening assessments of the past business situation and the adequacy of the volume of stocks.

The confidence index in construction came in at -8.4 versus -9.5 in September. The improvement was driven by the rise in employment expectations and slightly better assessments of the level of order books.

After five months of improving readings, the employment expectations indicator turned negative, due to a significant decline of employment plans in services in October.

The business confidence index rose to a seven-month high of -0.74 in October from -1.20 a month ago.

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