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Financial News: Sweden Consumer Confidence Weakens More Than Expected

Sweden Consumer Confidence Weakens More Than Expected

11/28/2019 - 05:47:00 (RTTNews)

(RTTNews) - Sweden's consumer confidence weakened more than expected in November after improving in the previous month, signaling an unusual level of pessimism among households, survey data from the National Institute of Economic Research showed on Thursday. The consumer confidence index dropped to 91.9 from 92.7 in October. Economists had expected a score of 92.3. In September, the reading was 90.3. The deterioration in November was mainly due to consumers being somewhat less positive about how their personal finances have fared over the past year, the think tank said.

However, the low level of the indicator is still mainly due to the unusually pessimistic expectations for the Swedish economy over the coming year, the NIER added.

The manufacturing confidence index eased slightly to a three-month low of 96.1 from 96.3 in October. Economists had expected a score of 94.8.

In November, producers of basic materials were the most pessimistic and relatively subdued production plans for the coming months were the main reason why the overall indicator was below normal.

The confidence indicator for the building and civil engineering industry was largely unchanged and that for retail trade climbed on positive expectations for future sales growth. Morale improved in the services sector due to better view about the past operations. The economic sentiment indicator rose to 94.7 from 94 in October, while it was expected to ease to 93.4.

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