ET:Eurozone Economic Confidence Rises More Than Forecast
Eurozone economic confidence improved more than expected in October driven by industrial and consumer sentiment, survey results showed Wednesday.
The economic sentiment index rose to 97.8 from 96.9 in September, the European Commission said. The expected score was 97.2.
Industrial sentiment improved to -4.8 in October from -6.6 a month ago. All the three components namely managers' production expectations, their assessment of the current level of overall order books and, the assessment of the stocks of finished products increased from the previous month.
Continuing the upward trend since December 2012, consumer confidence improved slightly in October. The corresponding index came in at -14.5, up from -14.9 in September.
By contrast, confidence weakened in services, retail trade and construction. Resulting from worsened assessments of the past business situation and demand expectations, services confidence declined to -3.7 from -3.2.
Due to a drop in managers' business expectations, retail trade confidence fell to -7.8 from -6.9 a month ago.
Confidence in the construction sector eased to -29.6 from -28.8 in September, resulting from managers' markedly worsened assessment of order books.
Business confidence in the euro area continued the upward trend that started in May 2013. The reading improved to -0.01 from -0.19 in September. It was forecast to remain at -0.19.
