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2025-09-16 19:40:39
Eurozone Economic Sentiment Rebounds Beyond Expectations, Labor Costs and Industrial Production Rise Simultaneously] ⑴ The Eurozone's ZEW Economic Sentiment Index rose by 1 point month-over-month to 26.1 in September, exceeding market expectations of 20.3. ⑵ Approximately 51.7% of analysts surveyed expected economic activity to remain stable, 37.2% expected an improvement, and 11.1% expected a deterioration. ⑶ The indicator of current economic conditions rose by 2.4 points to -28.8, while the inflation expectations indicator rose by 3.3 points to -3.4. ⑷ Hourly labor costs in the Eurozone rose by 3.6% year-on-year in the second quarter, slightly lower than the initial estimate of 3.7%, but higher than the 3.4% in the previous quarter. ⑸ Wages and salaries rose by 3.7% (compared to 3.5% in the first quarter), while non-wage costs increased by 3.4% (previously 3.2%). ⑹ Labor costs in the business sector rose by 4.0%, led by increases in construction (+4.7%), services (+4.3%), and industry (+3.3%). 7. The non-business economy grew by 2.7%. Labor cost growth accelerated in Germany to 3.5% (from 2.5% in the first quarter) and in the Netherlands to 6.0% (from 5.9% in the previous quarter). 8. Spain maintained its 3.7% growth rate, while Italy slowed to 3.8% (from 4.4% in the previous quarter) and France fell to 1.4% (from 2.0% in the previous quarter). 9. Eurozone industrial output grew by 0.3% month-over-month in July, reversing a revised 0.6% decline in the previous month and broadly in line with market expectations for a 0.4% increase. 10. Capital goods output rebounded sharply (1.3% vs. -0.8% in the previous quarter), with both durable consumer goods (1.1% vs. -0.5%) and non-durable consumer goods (1.5% vs. -4.2%) rebounding. 11. Intermediate goods output continued to grow by 0.5% (from 0.1% in the previous quarter), the fastest growth since March; energy product output fell by 2.9% (from 1.4% in the previous quarter). ⑿ Industrial output increased by 1.8% year-on-year in July, significantly faster than the 0.7% growth in June.
