European Statistical Monitor: October 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. 

EU production in services rebounds to a new historical high, while inflation continues to fall and unemployment reaches its lowest historical rate

EU production in services returned to month-on-month growth in July 2024, more than reversing the decrease observed in June 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 July 2024.

EU industrial production expanded in August 2024 by 1.3% month-on-month, thereby reversing a slight contraction observed in the previous month. A broader view on month-on-month changes in the industrial sector indicates an overall positive development since the beginning of 2024, culminating in a year-on-year increase of 0.2% in August 2024.

Meanwhile, EU retail trade has remained relatively stable since the beginning of 2024, showing a slight month-on-month increase of 0.3% in August 2024, and a year-on-year increase of 1.0%.

Against this backdrop of a revival in production and retail trade at the end of summer, the EU annual inflation rate continued falling in September 2024, reaching its lowest point since May 2021. The EU unemployment rate further decreased in August 2024, and reached a new historical low.

Finally, EU economic sentiment remained broadly stable in September 2024, with the European Commission’s Economic Sentiment Indicator (ESI) continuing to hover below its long-term average since July 2022. The ESI showed stable confidence levels in the retail trade sector, a slight decline in industry and construction, and a revival of confidence in the services sector.

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.