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Economic Sentiment Indicator's upward trend pauses

31/05/2010 - Economic Sentiment Indicator's upward trend pauses

In May, the Economic Sentiment Indicator (ESI) declined, moving back to 100.0 (-1.9 points) in the EU and to 98.4 (-2.2 points) in the euro area. While Industry sentiment continued to improve, all other sectoral sentiment indicators dropped in the EU and the euro area.

It should be noted that the latest developments in the ESI are influenced by the change of classification of economic activities that was implemented for the business surveys in May, leading to a break in the series. The results for this month are based on the NACE Rev.2 classification, while data up to April 2010 are based on NACE Rev.1. Internal checks, however, indicate that the changeover has affected the level, making interpretation more difficult. This level shift did not, on the whole, affect the direction of the change, but only its magnitude.

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