Euro-Area Economic Confidence Edges Higher on Consumer Optimism

Euro-zone economic confidence rebounded this month as a better mood among consumers helped offset weakness elsewhere.

(Bloomberg) — Euro-zone economic confidence rebounded this month as a better mood among consumers helped offset weakness elsewhere.

A sentiment gauge published by the European Commission increased to 99.3 from a revised 99.2 in March. That’s the first improvement since January.

Consumer confidence jumped and the service sector also saw an improvement — to 10.5. Industry, however, endured a slump to -2.6 as the outlook for orders deteriorated.

The readings come a day before the 20-nation euro region reports first-quarter gross domestic product, with analysts expecting it to have avoided a recession thanks to a mild winter, government support to mitigate higher energy costs and hoarded savings.

Those figures will help the European Central Bank decide how much it needs to raise interest rates when it meets next week.

–With assistance from Barbara Sladkowska and Joel Rinneby.

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