| Consensus | Actual | Previous | |
|---|---|---|---|
| Economic Sentiment | 96.4 | 95.9 | 96.0 |
| Industry Sentiment | -9.5 | -10.1 | -9.9 |
| Consumer Sentiment | -14.0 | -14.0 | -14.3 |
Highlights
The European Commission's survey of Eurozone sentiment showed little change in June. The headline economic sentiment measure fell slightly from 96.0 in May to 95.9 in June, remaining around 4 percentage points below its long-term average.
The survey's measure of industry sentiment fell from minus 9.9 to minus 10.1, its measure of consumer sentiment rose from minus 14.3 to minus 14.0, and its measure of service sector sentiment fell from plus 6.8 to plus 6.1.
The survey's measure of industry sentiment fell from minus 9.9 to minus 10.1, its measure of consumer sentiment rose from minus 14.3 to minus 14.0, and its measure of service sector sentiment fell from plus 6.8 to plus 6.1.
Market Consensus Before Announcement
Economic sentiment in June is expected to rise to 96.4 from May's 96.0 which extended a long flat trend short of the 100 long-run average.
Definition
Released by the European Commission, the economic sentiment index (ESI) provides a broad measure of both business and consumer sentiment. Results are available for all participating countries and aggregated to the Eurozone and European Union level. The survey is very detailed and offers information on demand, output and inflation.
Description
The survey offers key sentiment data across the European Union and the Eurozone region. Data are available for each country and are aggregated for both the Eurozone and EU. It is conducted by the European Commission rather than Eurostat, the compiler of most other EMU data. The index is a broad measure of both business and consumer sentiment in the EU members. Because of its coverage of all the EU countries it is highly regarded in the financial markets as a good indicator of the mood of consumers and industry in each country. It is also normally a good indicator of quarterly GDP.
Confidence indicators are calculated for industry, services, construction, retail trade and consumers. In turn, they are combined into an overall composite number, the economic sentiment indicator (ESI). The data are seasonally adjusted and defined as the difference (in percentage points of total answers) between positive and negative answers. The survey also covers other areas of the economy that are not explicitly included in the ESI. In particular, responses to questions about the inflation outlook are used by the ECB as one means of measuring inflationary expectations.
Confidence indicators are calculated for industry, services, construction, retail trade and consumers. In turn, they are combined into an overall composite number, the economic sentiment indicator (ESI). The data are seasonally adjusted and defined as the difference (in percentage points of total answers) between positive and negative answers. The survey also covers other areas of the economy that are not explicitly included in the ESI. In particular, responses to questions about the inflation outlook are used by the ECB as one means of measuring inflationary expectations.
