Euro zone economic sentiment continued to deteriorate in November but less than predicted, thanks to an unexpected rise in optimism in industry, data showed today.
Economic sentiment in the 19 countries sharing the euro eased to 109.5 in November from 109.7 in October, the European Commission said, continuing a trend of falls every month this year.
Economists polled by Reuters had expected a deeper fall to 109.0.
But a surge of optimism in industry, which took the index to 3.4 in November from 3 in October against expectations of a decline to 2.5, cushioned the fall.
Sentiment in services, a sector which produces two thirds of the euro zone GDP, was unchanged at 13.3 in November against October while optimism among consumers fell to -3.9 from -2.7.
A separate business climate indicator, which helps point to the phase of the business cycle, rebounded slightly in November to 1.09 from 1.01 in October after falling from 1.21 in September and August.