Eurozone Economic Sentiment Rises In September

(RTTNews) - Eurozone economic confidence improved moderately in September driven by the rise in consumer confidence, monthly survey data from European Commission revealed on Monday.

The economic sentiment index rose to 95.5 in September from 95.3 in the previous month. The reading was expected to drop to 95.2.

All sub-indices of economic sentiment deteriorated in September except consumer confidence.

The industrial confidence index fell to -10.3 from -10.2 in August. However, the reading was better than economists' forecast of -10.9.

At the same time, the services confidence index dropped more-than-expected to 3.6 from 3.8. The score was seen at 3.7.

Meanwhile, at -14.9, the consumer confidence index rose from -15.5 in the previous month. The reading came in line with the flash estimate.

The retail trade confidence slid to a three-month low of -7.7 from -6.4 a month ago. Confidence among contractors remained broadly unchanged in September with the index rising to -3.5 from -3.6.

Businesses grow cautiously more optimistic for months ahead, ING economist Bert Colijn said.

"The economy remains on track to see a small improvement in GDP growth in the third quarter as uncertainty fades and big shocks to trade have been avoided," the economist said.

The survey showed that the euro area employment expectations indicator hit the lowest since February 2021. The index stood at 96.4, down from 97.7 in the prior month.