Europeans were more optimistic about both the economy and employment as sentiment grew above average in May, the European Commission reported.
- The Economic Sentiment Indicator (ESI) gained 4.0 to hit 113.9 in the European Union and 114.5 in the Euro area.
- The latest figures are above the long-term average and pre-pandemic level, hitting close to the peak recorded in December 2017.
- The growth was driven by confidence in the services sector. Increases were also recorded in industry, retail trade, construction, and among consumers.
- Industry confidence grew for the sixth straight month to carve a fresh all-time high, on the back of positive developments in overall order books.
- The Employment Expectations Index (EEI) grew by 2.4 points as most of the surveyed business sectors were upbeat on employment plans.
- Selling price expectations posted an all-time high after the third month of marked and uniform increases across the business sectors.