The headline isn't particularly encouraging as economic confidence slipped to 97.9 in September, missing expectations and remaining below the long-term average of 100. That being said, I wouldn't read this as a straightforward deterioration in the euro area economy either. Industrial sentiment actually improved notably from August, while services confidence also edged higher despite falling short of expectations. That suggests the recovery remains uneven rather than suddenly rolling over, which broadly fits with some of the more resilient activity signals we've seen recently. But for the ECB though, the more interesting numbers sit further down the list above. Consumer inflation expectations climbed to 35.2 from 33.
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