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Financial News: Eurozone Economic Confidence Weakens In August

Eurozone Economic Confidence Weakens In August

08/30/2021 - 05:50:00 (RTTNews)

(RTTNews) - Eurozone economic confidence weakened to a three-month low in August, survey results from the European Commission showed on Monday.

The economic confidence index dropped to 117.5 in August from 119.0 in July. The score was also below economists' forecast of 117.9.

Economic sentiment was dampened by a dip in confidence in services, industry and among consumers, while confidence picked up again in construction and remained virtually unchanged in retail trade.

The industrial sentiment index came in at 13.7, down from 14.5 in the previous month. The reading was forecast to ease to 13.4.

The consumer confidence stood at -5.3 in August, in line with flash estimate, and down from -4.4 in the previous month.

The services confidence declined more-than-expected to 16.8 from 18.9 in the previous month. The expected level was 18.8.

Meanwhile, the retail trade sentiment index improved to 4.6 from 4.4 percent. Likewise, in construction, the confidence index advanced to 5.5 from 4.0.

The economic confidence index for the EU came down to 116.5 in August from an all-time high of 118.0 in July.

The continued rally in the Employment Expectations Indicator was driven by improved employment plans in construction, retail trade and services.

Selling price expectations firmed further in industry, retail trade and construction, reaching new maxima in all three sectors, while decreasing slightly in services.

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