Economic Sentiment Stable Across Europe, Employment Expectations Hit 2-Year High

Source: European Commission

Economic sentiment was broadly stable across Europe even as employment expectations soared to two-year highs, driven by improving consumer confidence. IEV is up 0.25% premarket.

• The Economic Sentiment Indicator was unchanged in the European Union at 116.6, and slightly higher in the Euro area at 117.8, up 0.2 points.
• The slight improvement came from improved confidence in construction and consumers, offset by dampened confidence in service and retail trade.
• Industry confidence was unchanged at its second-highest level, while consumer confidence picked up 1.1 points, and construction confidence gained 1.8 points.
• Services confidence declined 1.4 points due to lowered assessments of managers, while retail trade confidence fell 2.8 points due to lower assessments of past business activity. 
• The biggest ESI growths were recorded in Spain, Germany, the Netherlands, and Poland. Declines were seen in France and Italy.
• Employment expectations increased in the EU by 1.0 points to 113.6 and in the Euro area by 0.8 points to 113.6, marking the highest level in both areas since 2018.