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Financial News: Eurozone Economic Confidence Weakens More Than Expected

Eurozone Economic Confidence Weakens More Than Expected

08/30/2022 - 07:32:00 (RTTNews)

(RTTNews) - Eurozone economic confidence weakened more than expected in August amid fears of recession, survey results from the European Commission showed Tuesday.

The economic sentiment index fell more-than-expected to 97.6 in August from 98.9 in the previous month. The reading was forecast to drop moderately to 98.0.

Likewise, the economic confidence index for the EU dropped 1.0 point to 96.5.

Industrial confidence decreased further in August as managers' assessments of the current level of overall order books deteriorated sharply and the stocks of finished products were appraised as more abundant, pointing to weakening sales. The corresponding index fell to 1.2 from 3.4 in July. The reading was forecast to ease to 1.5.

Likewise, the services confidence index came in at 8.7 versus 10.4 in the previous month. The score came in line with expectations. Services sentiment weakened due to deterioration of its backward-looking components, namely past business situation and past demand, data showed.

At -24.9, the consumer sentiment index matched the flash estimate and was weaker than July's -27.0. Meanwhile, retail trade confidence improved in August to -6.3 from -7.1 in July.

Nonetheless, the Employment Expectations Indicator stabilized after two months of significant losses. The indicator gained 0.8 points to 108.0 in August.

Selling price expectations in all surveyed business sectors declined in August. Recession prospects are causing more moderation in selling price expectations for the months ahead, ING economist Bert Colijn said. The economist expects the economy to enter a shallow recession in the current quarter.

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