By contrast, the employment expectations indicator (EEI) picked up by 0.6 points to 102.4 in the EU and by 0.5 points to 102.7 in the euro area, maintaining its position well above the long-term average. Employment expectations remained broadly stable in industry and retail trade.

In the EU, the mild decrease of the ESI in September was mostly driven by markedly lower consumer confidence.

Amongst the largest EU economies, the ESI deteriorated in Spain (minus 3.2) and Italy (minus 2.2), while it improved in France (2.7). Sentiment in Germany (0.3), the Netherlands (0.3) and Poland (minus 0.1) remained virtually stable.

The assessment of export order books remained broadly stable, the Commission said in a release.

Consumer confidence (minus 1.6) declined markedly for the second month in a row in September, as survey respondents became more pessimistic about their household’s past and future financial situation and the expected general economic situation in their country.

Consumers also signalled decreased intentions to make major purchases. Retail trade confidence edged down (minus 0.4) on account of deteriorating assessments of the past business situation.

By contrast, retailers continued to be more optimistic about the expected business situation. The assessment of the volume of stocks remained broadly unchanged.

Consumers’ unemployment expectations deteriorated in September compared to August.

The Commission’s economic uncertainty indicator (EUI) picked up in September by 1.6 points to 21.1, reflecting slightly higher uncertainty of managers in services, industry and retail trade about developments in their future business situation, as well as among consumers about their future financial situation.

Fibre2Fashion News Desk (DS)