The confidence of consumers and businessmen of the European Union (EU) registered the first signs of recovery in May after the sharp decreases in April and March, increasing 2.9 points and standing at 66.7 points during the fifth month of the year , as published on Thursday by the European Commission (EC).
The Economic Sentiment Indicator prepared by the Community Executive also grew 2.6 points in the eurozone and reached 67.5 points.
In April, the index had plummeted 29.3 points in the nineteen countries that share the single currency and 30.8 points in the Twenty-seven, the largest declines recorded since 1985.
During May, employment expectations also improved, growing 11.3 points in the euro area and in the EU, although they are at historically low levels of 70.2 points and 70.9 points respectively.
In the eurozone, the increase in the indicator of economic sentiment was due to the recovery in the confidence of the industry and consumers, which neutralized around a fifth of the combined fall of March and April, according to the Commission in a statement. .
However, confidence in services continued to decline, albeit at a slower rate than in the previous two months.
Among the main euro area economies for which the EC published data, the greatest increase in economic sentiment took place in the Netherlands (3.5 points), followed by Germany (3.2) and Spain (1.6), in so much so that in France it fell 0.3 points.
In the Spanish case, confidence in the industry increased (1.2 points), among consumers (0.4) and in retail (4.4), while it worsened in services and construction (5.4 points less in both cases).
In the 19 common currency partners, the 5-point rise in the industry was due to improved production expectations, while the analysis of orders and stocks of finished products continued to worsen.
As for services, the 5-point decline was in response to the worsening of the assessment of past business situation and demand, in contrast to the “significant” improvement in demand expectations.
The 3.2-point increase in consumer confidence was explained by the better expectations of households about their financial situation, their intentions to make important purchases and the general economic situation.
In contrast, the analysis of past financial conditions, which had remained largely unchanged in March and April, deteriorated so much that it lowered the overall increase among consumers.
The indicator in retail trade hardly changed (0.4 points more) and fell in construction (1.3 points less).
In financial services, which are not part of the Economic Sentiment Indicator, there was an increase of 3.3 points.