According to the final report from the European Commission, consumer confidence in the eurozone improved in October, recording the 8th increase in the last 9 months.
The consumer confidence index rose to -12.5 points compared to -12.9 points in September. The latest figure was in line with the preliminary estimate and economists' forecasts. Meanwhile, the economic sentiment indicator fell to 95.6 points from 96.3 points in September (revised from 96.2). Consensus estimates suggested that the index would be 96.3. The employment expectations indicator fell by 0.2 points to 99.2 points.
As for the EU countries, the economic sentiment indicator fell 0.7 points to 96.0 points, and the employment expectations indicator increased by 0.1 points to 100.0 points. The downturn in the economic sentiment indicator was driven by markedly lower confidence in industry, mitigated by smaller confidence gains in retail trade, construction, and among consumers. Confidence in the services sector remained broadly stable. Amongst the largest EU economies, the economic sentiment indicator deteriorated markedly in Spain (-4.8), France (-4.7), Poland (-3.6), and the Netherlands (-2.3), with a smaller decline in Italy (-0.5), while Germany recorded an upturn (+0.8).
The data also showed that the indicator of economic uncertainty rose in October to 18.4 from 17.9 in September. Industry managers reported a sharp increase in uncertainty about their future business situation, while construction and services managers reported more limited increases. Consumers’ uncertainty about their future financial situation continued to climb, whereas retail trade managers bucked the trend, with a decline in uncertainty.