EU Economic Sentiment Slips to 97.9 as Consumer Confidence Sinks
The Economic Sentiment Indicator lost 0.4 points to land at 97.9 in the EU, while the euro area's reading fell 0.5 points, also to 97.9.
Hiring outlooks deteriorated as well. The Employment Expectations Indicator dropped 0.6 points to 98.3 in the EU and 1.3 points to 97.5 in the euro area.
Consumers drove the downturn. Their confidence slid 0.8 points across the bloc, outweighing gains among businesses. Managers in industry and construction grew more optimistic, and industry confidence extended its upward run with a one-point rise.
The picture varied among the largest EU economies. Sentiment tumbled 1.7 points in France and 0.8 points in Italy, but jumped 3.4 points in Spain.
Price pressures are also building. Managers in construction and industry sharply raised their selling price expectations, and consumers' inflation expectations for the next 12 months climbed 1.8 points.
Uncertainty rose too. The Economic Uncertainty Indicator increased 1.2 points to 18.4, snapping a four-month decline that followed its April peak.
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