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Economic sentiment in the eurozone worsened in April, primarily due to challenges in the industrial sector, according to recent survey data. The European Commission reported that the economic confidence index fell to 95.6 in April from 96.2 the previous month, below the anticipated reading of 96.9. The survey illustrated significant declines in industry sentiment and moderate decreases in services, retail trade, and construction. Only consumer confidence saw an improvement from March.
The industrial confidence index declined as a result of worsening evaluation of the current order book, dropping to -10.5 from -8.9 the previous month. Additionally, the services confidence indicator registered at 6.0 in April, a decline from 6.4 a month earlier.
Similarly, the retail trade confidence indicator fell to -6.8 from -6.0 the previous month, while the construction sentiment index softened slightly, easing to -6.0 from -5.6.
In contrast, the consumer sentiment indicator was stable from the flash estimate at -14.7, showing an improvement from -14.9 in March.
Price expectations for selling decreased in services and retail trade, while they remained consistent in the industry and construction sectors. Furthermore, the European Commission's Economic Uncertainty Indicator continued to decrease. Employment expectations also took a dip, posting at 101.8, which was lower than March's value of 102.5.
ING economist Peter Vanden Houte commented on the data, stating, "Today's data shows that the eurozone's economic recovery remains a stop-and-go affair, at least for the time being." He also added that a rate cut in June looks imminent, particularly as the data didn’t contain any unexpected inflation surprises.
However, he anticipates that the European Central Bank's monetary easing will proceed slowly.
Capital Economics economist Franziska Palmas pointed out that the weaker-than-expected business and consumer survey is a stark reminder of the lingering weakness in the euro area economy.