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Eurozone Oct Economic Sentiment Falls Less Than Forecast

Eurozone economic confidence dropped less than expected in October, monthly survey from the European Commission showed Tuesday.

The corresponding index came in at 84.5, down from 85.2 in the prior month. Economists had forecast the index to drop to 84.4. The marked decreases in industry and construction outweighed the improvement in the retail trade sector.

Industrial confidence continued the downturn trend in October. The index weakened to -18 from -15.9 last month. Likewise, confidence in the services sector declined to -12.1 from -11.9 and that in construction fell to -33 from -31.7.

On the other hand, consumer sentiment improved to -25.7 from -25.9. Retailers' confidence rose to -17.4 from -18.5.

A separate survey from EC showed deterioration in business sentiment. The business confidence index dropped 0.28 points to -1.62 in October.

The decline was driven by markedly worsened assessments of order books and past production. Managers' production expectations and their assessment of the adequacy of their stocks of finished products also worsened.

by RTT Staff Writer

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