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Eurozone Economic Confidence Rises Unexpectedly in October

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Eurozone economic sentiment tops expectations but supply bottlenecks signal problems ahead for the currency zone’s businesses.

Source: European Commission

Euro Stoxx 50 up +0.30%,  EUR USD up +0.02%

The European Commission’s economic sentiment index rose to 118.6 in October from 117.9 the previous month was close to the record-high of 119. Analysts expected the index to decline to 116.7.

Services confidence rose, but consumer confidence deteriorated, and industry sentiment had a slight change at its second-highest level on record.

October’s reading suggests the eurozone’s economy has not fallen significantly at the start of the last quarter of 2021, irrespective of increasing energy prices and supply chain challenges.

Price expectations increased, and employment expectations rose for the third straight month.

Meanwhile, the survey also revealed industry was concerned about shortages hampering production. Manufacturers believe current orders will improve production level for the next 4.7 months, a small improvement on 4.6 months in the last quarter.

 

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