European economic sentiment slips as consumers and businesses diverge
European economic sentiment eased in September after improving for several months. The Commission’s survey, released on 29 September, puts the index at 97.9 in both the EU and the euro area, below its long-term average of 100.
The decline was not shared across sectors. EU consumer confidence weakened, while industry improved and construction rose slightly. Services and retail were broadly stable. Households’ assessment of finances and major purchases can differ from companies’ views of orders and production.
Employment expectations also declined, to 98.3 in the EU and 97.5 in the euro area. This measures managers’ plans, rather than an observed change in unemployment or a count of job losses.
Among large economies, sentiment fell in France and Italy but rose in Spain. A methodological qualification matters: because of a structural break, Italian consumer survey results were omitted from the relevant September aggregates.
Responses were collected from 1 to 21 September. The survey captures perceptions during that period, not every subsequent development. Comparing it with actual spending, employment and output will help establish whether expectations translate into behaviour.
Source: European Commission / DG ECFIN
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