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EUROZONE DATA: Gradual Improvement In Consumer Confidence Continues

EUROZONE DATA
Data BulletEurozoneBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Eurozone flash consumer confidence was in line with expectations at -12.5, slightly above September’s -12.9. Sentiment continues to recover from 2022 lows, but remains below the 2010-2019 average of -11.0.

  • The ECB's September projections note that a "consumption-led recovery remains the central scenario", underpinned by rising disposable incomes and "gradually increasing confidence".
  • Recent speakers appear confident that this scenario will play out, but there remain some risks of a delay to the recovery in consumption.
  • Bank of Portugal Governor Centeno said today that "for consumption to be the true part of the story, we need some real income growth and we are not having that either. So we need to be very careful about getting the soft-landing story right".
  • Meanwhile, Dutch Central Bank Governot Knot continues "to believe that consumption will recover. It’ll take a little bit longer, but it will happen”.
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Eurozone flash consumer confidence was in line with expectations at -12.5, slightly above September’s -12.9. Sentiment continues to recover from 2022 lows, but remains below the 2010-2019 average of -11.0.

  • The ECB's September projections note that a "consumption-led recovery remains the central scenario", underpinned by rising disposable incomes and "gradually increasing confidence".
  • Recent speakers appear confident that this scenario will play out, but there remain some risks of a delay to the recovery in consumption.
  • Bank of Portugal Governor Centeno said today that "for consumption to be the true part of the story, we need some real income growth and we are not having that either. So we need to be very careful about getting the soft-landing story right".
  • Meanwhile, Dutch Central Bank Governot Knot continues "to believe that consumption will recover. It’ll take a little bit longer, but it will happen”.