2023.11.2911:17:00UTC+00Eurozone Economic Confidence Logs Moderate Rise

Eurozone economic confidence improved moderately in November, thanks to higher sentiment among consumers and construction managers, survey results from the European Commission revealed Wednesday.

The economic confidence index rose to 93.8 in November from 93.5 in October. The reading came in line with expectations.

At -9.5, the industrial confidence index fell unexpectedly from -9.2 in the previous month. The score was forecast to improve to -8.8.

While managers' assessments of the current level of overall order books continued the descent seen since May last year, their appraisals of the stocks of finished products as well as their production expectations remained almost unchanged.

The services sentiment index rose unexpectedly to 4.9 from 4.6 a month ago, while the score was expected to fall to 4.3.

The index measuring confidence among retailers came in at -7.0 compared to -7.4 in October. Retailers view on changes in the past and future business situation stayed broadly unchanged and stocks were less often considered as too large/above normal, the survey showed.

The construction confidence indicator improved to -4.8 from -5.5. Rising confidence reflected brighter employment expectations and appraisals of the level of order books.

The consumer confidence index matched the flash estimate of -16.9, up from -17.8 in October, thanks to consumers' improved assessments of past and future financial situation, as well as the general economic situation in their country.

The Employment Expectations Indicator posted 102.1 in November after staying unchanged at 102.8 in October.

The moderate fall was due to less optimistic employment plans among services managers, which were only partially offset by somewhat more upbeat plans in industry and construction.

Further, the survey showed that selling price expectations declined in industry and retail trade. On the other hand, price expectations intensified among services and construction managers.

At the same time, consumers' price expectations for the coming year slowed for the second straight month in November.