Eurozone confidence data showed improvement across the board in October with the single exception of sentiment in the services sector, according to data published on Wednesday by the European Commission.
The economic sentiment indicator increased by 0.9 points to 97.8, beating the consensus estimate for a rise to 97.3. However, the European Commission did warn that despite the continuation of the upward trend that began in May, "the magnitude and sectoral scope of the improvement in confidence has moderated compared to recent months".
The Commission noted the marked increase in industry confidence from a revised -6.6 to -4.8. Analysts had only expected a slight improvement to -6.5 from the original reading of -6.7.
The consumer confidence indicator improved slightly to a reading of -14.5, from the prior -14.9 and came in line with consensus estimates, although their unemployment expectations "worsened somewhat".
The business climate indicator also registered a marked improvement beating consensus estimates of a rise to -0.15, from the prior -0.19, as it settled at -0.01.
On the downside, services confidence registered a decrease that surprised the consensus forecast of -2.8, unexpectedly falling to -3.7 from the prior -3.2. The Commission noted that this was the result of "worsened assessments of the past business situation and demand expectations".
Source: LiveCharts
The economic sentiment indicator increased by 0.9 points to 97.8, beating the consensus estimate for a rise to 97.3. However, the European Commission did warn that despite the continuation of the upward trend that began in May, "the magnitude and sectoral scope of the improvement in confidence has moderated compared to recent months".
The Commission noted the marked increase in industry confidence from a revised -6.6 to -4.8. Analysts had only expected a slight improvement to -6.5 from the original reading of -6.7.
The consumer confidence indicator improved slightly to a reading of -14.5, from the prior -14.9 and came in line with consensus estimates, although their unemployment expectations "worsened somewhat".
The business climate indicator also registered a marked improvement beating consensus estimates of a rise to -0.15, from the prior -0.19, as it settled at -0.01.
On the downside, services confidence registered a decrease that surprised the consensus forecast of -2.8, unexpectedly falling to -3.7 from the prior -3.2. The Commission noted that this was the result of "worsened assessments of the past business situation and demand expectations".
Source: LiveCharts
