RTTN:Eurozone Economic Confidence Rises Unexpectedly In February
Eurozone economic confidence improved for the tenth consecutive month in February, survey data from the European Commission showed Thursday.
The economic sentiment index rose unexpectedly to 101.2 in February from 101 in January. The score was forecast to drop to 100.7.
In the euro area, marginal increase in economic confidence was due to enhanced confidence in construction and, to a lesser extent, services, retail trade and industry. At the same time, confidence among consumers worsened in February.
Industry confidence registered a small improvement backed by managers' slightly more optimistic assessment of the stocks of finished products and the current level of overall order books. The indicator rose to -3.4 in February from -3.8 in January.
Likewise, confidence in services rose to 3.2 from 2.4. The growth resulted from managers' more positive assessment of past demand and the past business situation, while their appraisal of expected demand remained broadly stable.
Meanwhile, consumer confidence fell to -12.7 in February from -11.7, as a result of worsened expectations about savings, unemployment and the future general economic situation.
Retailers' sentiment came in at -2.9 in February, up from -3.4 in January. The increase was driven by managers' more positive evaluation of the present business situation, partially offset by less positive business expectations, managers' appraisal of the volume of stocks remained broadly unchanged.
Confidence in construction rose to -28.5 from -29.8 a month ago, resulting from managers' markedly improved assessment of order books coupled with a downward revision of employment expectations.
Another report from the European Commission showed that business confidence improved to 0.37 in February from 0.25 in January.
