European Statistical Monitor: July edition

Today, Eurostat released the European Statistical Monitor, a dashboard with short-term indicators covering different areas, such as economy, environment, business, health and work.

This monthly updated dashboard is designed to track developments within the EU as a whole and its members, as well as the EFTA countries, providing a holistic overview of key developments. It focuses on monthly and quarterly indicators, ensuring up-to-date insights and includes a commentary, focusing on recent changes and trends. 

July highlights: EU production in services rebounds to a new historical high, while industrial production decreases, alongside broadly steady economic sentiment

EU production in services exhibited a strong month-on-month increase, more than reversing the decrease observed in March 2024. A broader view of month-on-month changes shows a positive trend for the services sector, culminating in a more pronounced year-on-year increase in April 2024.

Meanwhile, EU retail trade remained relatively stable in May 2024, following a decline in the previous month. Despite month-on-month fluctuations, the retail trade sector still had modest year-on-year growth in May 2024.

In contrast, EU industrial production saw a month-on-month downturn in May 2024, reversing the increase observed in April. A broader view of month-on-month changes in the industrial sector reveals a rather negative trend from the beginning 2023, culminating in a year-on-year decrease in May 2024.

Against this backdrop, the EU annual inflation rate fell in June 2024, reversing its increase in May. Meanwhile, the EU unemployment rate in May 2024 remained unchanged from the previous month and from the same month in the previous year, at historically low levels.

Finally, EU economic sentiment remained broadly stable in June 2024, with the European Commission’s Economic Sentiment Indicator (ESI) continuing to hover below its long-term average since July 2022. The ESI showed broadly stable confidence levels in industry, construction, and among consumers, contrasted by slight declines in the services and retail trade sectors.

You can read the full analysis by opening the Eurostat commentary linked in the dashboard’s header.

The European Statistical Monitor is updated every month with the latest available data for each indicator.