Economic sentiment eases to nine-month low
Economic sentiment in the Eurozone fell slightly in May, continuing a downward trend seen over the past four months. According to the European Commission (EC), the economic sentiment index (ESI) was fell from April’s 112.7 points to 112.5 points in May. May’s result marked a nine-month low. However, overall, sentiment in the Eurozone remains at a high reading considering the past two decades thanks to a robust economic recovery.
Declines in sentiment in the manufacturing and services drove May’s dip in sentiment. However, they were partially balanced out by rising confidence in the construction and retail trade sectors. Meanwhile, consumer confidence was virtually unchanged. Employment plans were mixed across sectors falling notably in the industrial and construction sectors, but rising to an over 18 year high in the construction sector.
At a country level, economic sentiment fell in nine economies in May, including in France, Italy and Spain. However, sentiment rose in several other economies, including Germany.