Economic Sentiment in Eurozone Hits Two-Year High, EU at Eight-Month High

Source: European Commission

Economic sentiment in both the Eurozone and the European Union hit historic highs in October, driven mainly by growth in services, construction, and retail. EZU is up 0.06% premarket.

• The Economic Sentiment Indicator in the EU climbed by 1.0 point to 117.6, the highest reading in eight months since February.
• Sentiment in the Eurozone gained 0.8 points to 118.6, the highest level in over two years since May 2018.
• The growth in the EU was attributed to higher confidence in services, construction, and retail. Confidence was unchanged in industry and fell among consumers.
• Industry confidence remained broadly unchanged at its second-highest on record, while services and retail trade posted growth.
• Consumer confidence dropped, dragged by more negative views on the past and future financial situation.
• The Employment Expectations Indicator grew on the back of hiring plans in services and in industry which recorded an all-time high.
• Selling price expectations in all surveyed industries posted steep climbs, hitting fresh record-highs.
• Consumer price expectations also jumped to reach the highest level in 29 years since November 1992.