According to the final report from the European Commission, consumer confidence in the eurozone rose in June, confirming economists' forecasts and reaching its highest level since February 2022.
The consumer confidence index rose to -14.0 points, as expected, compared to -14.3 points in May. Meanwhile, the economic sentiment indicator fell to 95.9 from 96.1 in May. Consensus estimates suggested growth to 96.2. The employment expectations indicator fell to 99.7 from 101.3 in May.
As for the EU countries, the economic sentiment indicator fell by 0.2 points to 96.4 points, and the employment expectations indicator fell by 0.8 points to 100.4 points. The sideward trend of the economic sentiment indicator reflected broadly stable confidence in industry, construction and among consumers, while confidence in services and retail trade dipped somewhat. For the largest EU economies, the economic sentiment indicator improved markedly for Spain (+1.1) and more moderately for the Netherlands (+0.5), while it deteriorated for France (-0.7) and Italy (-0.7).
The data also showed that the indicator of economic uncertainty fell in June to 17.3 from 17.8 in May. Consumers’ uncertainty about their future financial situation dropped. Managers’ uncertainty about their future business situation decreased in retail trade and services, while it remained stable in industry and construction.