Eurozone Economic Confidence Weakens In July

Eurozone Economic Confidence Weakens In July


Eurozone economic sentiment deteriorated in July due to lower confidence in all sectors, survey data from the European Commission showed Monday.
The economic sentiment index came in at 87.9, down from 89.9 a month ago. The reading was also below expectations of 88.9.
Confidence in industry continued the downward trend reported since March. Industrial confidence came in at -15 compared to -12.8 in the prior month. Likewise, services confidence fell to -8.5 from -7.4 last month.
Amid higher unemployment fears, as well as worsened expectations about the future general economic situation and savings, consumer confidence dropped to -21.5 from -19.8 in June. Retailers' sentiment weakened to -15 from -14.4.
In July, business confidence decreased by 0.32 points to -1.27 in July. The decline was driven by declines in all five components.
The steepest decreases occurred in managers' assessment of past production and export order books. Production expectations and the assessment of overall order books and the adequacy of stocks of finished products also deteriorated.

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