EU Business Confidence Hits Lowest Level Since 2020 – EU Commission Data
2022.10.28 06:00
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© Reuters.
By Scott Kanowsky
Investing.com — Business confidence in the European Union dropped to its lowest point in more than two years in October, according to a survey released by the EU Commission on Friday.
The EU’s economic sentiment indicator for the month declined by 1.5 points to 90.9, the lowest reading since August 2020, as optimism deteriorated in both the services and manufacturing industries due to slipping demand expectations.
“[M]anagers’ assessments of the current level of overall order books worsened markedly and the stocks of finished products picked up,” the study said, adding this trend was partially offset by retail trade and consumer confidence.
In the Eurozone, the fell by 1.1 points to 92.5, in line with economists’ estimates.
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