Eurozone economic confidence continues to improve in August

Economic morale in the eurozone continued to improve in August, driven by improving confidence among consumers and managers, the European Commission said Friday. In August, the economic sentiment indicator (ESI) increased sharply by 2.7 points in the euro area to 95.2 points, continuing the upward trend observed since May, the Commission said in a report. Rising confidence in the euro area was driven by "pronounced improvements" in confidence among consumers and managers in industry, services and retail trade, said the report. Economic sentiment improved in fourteen euro area countries and in all of its five largest economies, including the Netherlands up 5.2 points, Germany up 3.3 points, Italy up 2 points, France up 1.6 points, and Spain up 0.8 points. In the wider 28-memer EU, the ESI rose by 3.1 points to 98.1 points, marking a two-year high in the EU, said the Commission.