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... but industry sentiment pickup boosts zone morale
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A pickup in eurozone industry sentiment just outweighed increased pessimism among consumers in November, offering a tentative sign that the bloc is avoiding outright stagnation.
The European Commission said yesterday that economic sentiment in the 18 countries sharing the euro rose to 100.8 this month from 100.7 in October and 99.9 in September.
The optimism was mirrored by a rise in the business climate indicator for the eurozone, which the commission said stood at 0.18 in November, up from a revised 0.06 in October.
The eurozone is suffering from very low inflation and a very fragile recovery, while unemployment remains near record levels.
The commission data showed consumer confidence falling to a nine-month low in November. It expects the eurozone economy, which generates almost a fifth of global output, to avoid a recession this year, but it will not reach stronger growth until 2016.
Industry showed the way in November, improving for the second month in a row. Retail trade fared well, while services were flat. Construction was down.
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