ZURICH (MaceNews) – Improved confidence among consumers, industry and services bolstered economic sentiment in the euro-area in February, according to the latest report from the European Commission.
The Economic Sentiment Index (ESI) rose to 93.4 in February from 91.5 in January and stands at the highest level since March 2020 when the index was 95.3.
Consumer confidence improved as well, rising to -14.8 from -15.5 in January and “reflected an improvement in households’ assessments of their future financial conditions, their intentions to make major purchases and, especially, their expectations about the general economic situation,” the Commission said Thursday.
Industrial confidence was another bright spot, showing a third consecutive month of improvement and strength in all three of its index components. The index improved to -3.3 from -6.1 in January to the best reading in at least a year, the data showed.
The retail sector, however, saw sentiment dip to -19.1 in February from -18.5 in January on the negative view of the current situation. While there was improvement in retail expectations, managers pointed to stock volumes as having a negative impact.
For the broader European Union, Economic Sentiment also improved, rising to 93.1 in February from 91.2 the month before, with consumer confidence at -15.7 during the reporting month, versus -16.6 in January.
The Commission will release Flash Consumer Confidence on March 24 at 16:00 Central European Time.
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