Economic sentiment hits 17-month low in October
Economic sentiment in the Eurozone continued to fall in October, maintaining this year’s downward trend. According to the European Commission (EC), the economic sentiment index (ESI) came in at 109.8 points, down from the 110.9 points in September and the worst result seen in 17 months. Nonetheless, sentiment in the Eurozone remains elevated in comparison to levels seen over the past two decades.
Lower confidence in the industrial, services and retail trade sectors drove October’s drop. In contrast, consumer confidence and construction sector confidence were broadly unchanged. Employment plans also deteriorated in the industrial and retail trade sectors.
Among member countries, economic sentiment decreased in thirteen economies, including major-players France, Germany and Italy. However, confidence rose in Spain and four other economies.