EZ ESI Inches Higher Again in Sep

Economic Sentiment Indicator (ESI): 91.1; Prev (Aug): 87.5

Consumer: -13.9(Aug: -14.7); Industry: -11.1 (Aug: -12.8); Services: -11.1 (Aug: -17.2); Retail: -8.7 (Aug: -10.5); Construction: -9.6 (Aug: -11.8)

• The ESI recovered further in Sep, although at a slower pace and edged up 3.6pt, beating market expectations looking for an uptick to 89.3.
• The report notes that both surveyed regions (EZ and EU) have made up about 70% of the combined losses of Mar and Apr.
• Among the largest economies, Italy (+8.4pt), France (+5.8pt) and the Netherlands (+2.1pt) saw the largest gains.
• Sep's uptick was mainly driven by a significant increase in service sentiment by 6.1pt, followed by confidence in the construction sector which was up 2.2pt.
• Manufacturing sentiment ticked up 1.6pt in Sep, while consumer sentiment improved 0.8pt, showing the highest level since Mar.
• The Employment Expectations indicator continued its recovery as well, rising 2.3pt to 91.8 in Sep.