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Eurozone business confidence rises, but consumer outlook worsens
The Economic Sentiment Indicator slid to 97.9 in September, while consumer confidence dropped from -15.5 to -16.5 and employment expectations fell to 97.5.
Eurozone economic sentiment weakened in September even as business confidence improved, according to data highlighted by Action Forex. The Economic Sentiment Indicator fell from 98.4 to 97.9, below the 99.0 consensus and still under its long-term average of 100.
The underlying split was more positive than the headline, with industrial confidence improving from -5.0 to -3.8 and services confidence rising from 5.6 to 6.1. Retail confidence was broadly unchanged at -6.4, while construction remained at -5.0.
Action Forex said the drag came from households and employment expectations. Consumer confidence fell from -15.5 to -16.5, and the Employment Expectations Indicator dropped from 98.8 to 97.5, with hiring expectations weakening particularly in retail and services.