2020.05.2809:24:00UTC+00Eurozone Economic Confidence Rises In May

Eurozone economic confidence improved in May from a record low, survey data from the European Commission showed Thursday.

The economic sentiment index rose to 67.5 in May from 64.9 in the previous month. However, the reading was below economists' forecast of 70.3.

The ESI's uptick reflected a recovery in industry and consumer confidence which neutralized about a fifth of the combined slump of March and April.

Meanwhile, services confidence continued declining, albeit at a lower rate than in the preceding two months. Changes in construction and retail trade confidence were much more contained, survey results showed.

The consumer sentiment index came in at -18.8 versus -22.0 in the previous month. The reading matched the preliminary estimate.

The industrial confidence index advanced to -27.5 from -32.5 a month ago. The confidence index in retail improved to -29.7 from -30.1 in April.

Meanwhile, the services sentiment index declined to -43.6 from -38.6 in April.

The business confidence index declined to -2.43 from -1.99 in April, data showed.