Financial News: Eurozone Economic Sentiment Weakens In October

Eurozone Economic Sentiment Weakens In October

10/30/2024 - 07:14:00 (RTTNews)

(RTTNews) - Eurozone economic confidence weakened to an eight-month low in October, survey data from the European Commission showed on Wednesday.

The economic sentiment index fell to 95.6 from 96.3 in the previous month. This was the lowest score since last February and was above forecast of 96.4.

At -13.0, the industrial confidence index hit the lowest since July 2020 and it was down from -11.0. At the same time, the services confidence index remained unchanged at 7.1.

The consumer confidence index posted -12.5 in October, up from -12.9 in the previous month. The score matched the flash estimate released on October 23.

Similarly, confidence among retailers and builders improved from September. The retailers' confidence index rose to -7.3 from -8.3. The confidence index for contractors registered -4.9 compared to -5.5.

Amongst the largest economies, economic sentiment deteriorated markedly in Spain and France, while Italy logged a smaller decline. By contrast, Germany recorded an upturn in October.

While the Employment Expectations Indicator was at or close to its long-term average of 100, the ESI moved slightly further away from that reference value, the survey showed.

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