Eurozone Economic Confidence Weakens In June

Eurozone economic confidence weakened unexpectedly in June, survey data from the European Commission showed Monday.

The economic confidence index fell to 103.5 in June from 103.8 in May. It was forecast to remain unchanged at 103.8.

The mild decline of euro area sentiment resulted from a slight decrease in confidence in industry and a more important drop in retail trade.

The industrial confidence index fell to -3.4 in June, while it was forecast to remain at -3. Lower confidence resulted from managers' more pessimistic views on expected production and the current level of overall order books, while their assessment of stocks of finished products improved slightly.

The indicator for retail trade dropped to -1.1 from 1.5 in the previous month. The decrease in retail trade confidence reflected more negative views on all the three components of the indicator, namely managers' assessment of the present and expected business situation and of the adequacy of the volume of stocks.

The consumer confidence index came in at -5.6, in line with flash estimate and unchanged from May. Similarly, confidence in services remained stable in June. The index held steady at 7.9.

Another report from EU showed that the business confidence index fell to 0.14 in June from 0.28 in May. Managers' assessment of the adequacy of stocks of finished products improved, while their production expectations and their assessments of past production, overall and export order books all worsened.

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