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Euro zone sentiment edges up in Sept, defies expectations of drop By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – The former headquarters of European Central Bank, Frankfurt, Germany is where the Euro sign was photographed on April 9, 2019. The camera was moving at slow shutter speeds. REUTERS/Kai Pfaffenbach/File Photo

BRUSSELS (Reuters) – Euro zone economic sentiment edged higher in September after a fall in August, boosted by optimism among consumers and in the industry and construction sectors, while inflation expectations continued to rise among manufacturers and consumers alike.

After reaching an all-time record of 119.0 last July, the European Commission’s economic mood indicator increased to 117.8 from August.

Reuters polled economists who expected that sentiment would fall to 116.9 by September. This was mainly due the expected weakness in service and industry.

However, data from the Commission showed that sentiment in industry rose to 14.1 in August from 13.8 in august. Services however saw a decline to 15.1 in August from 16.8.

With a reading at -4.0 in August, consumers were more optimistic. The indicator in the construction industry rose to 7.5 from 5.5. This helped offset the decrease in the retail sector’s index to 1.3.

Manufacturers and consumers had higher expectations of inflation due to the economic recovery following the COVID-19 pandemic.

The 38.2 point increase in selling price expectations by manufacturers is a new record. Meanwhile, consumer inflation expectations rose from 31.1 to 33.1 in August to reach the 38.7 mark in August 2001.

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