---
source: European Commission
url: https://economy-finance.ec.europa.eu/economic-forecast-and-surveys/business-and-consumer-surveys/latest-business-and-consumer-surveys_en
document_type: pdf
date_retrieved: 2026-03-30
period: March 2026
parent_publication: Business and consumer survey results
indicators_covered: [Industrial Sentiment, Services Sentiment, Economic Sentiment Indicator, Employment Expectations Indicator]
---

# Business and consumer survey results, March 2026

**Economic Sentiment and Employment Expectations down in both the EU and the euro area**

In March 2026, the Economic Sentiment Indicator (ESI) declined in both the EU (-1.5 points to 96.7) and the euro area (-1.6 points to 96.6). The Employment Expectations Indicator (EEI) also fell in both areas (EU: -1.3 points to 97.3, euro area: -1.4 to 96.4). Adding to the decline of February, the marked deterioration of economic sentiment in March drove both indicators away from their long-term average of 100.

## Sectoral Confidence Indicators

### Industry
In the EU, **industry confidence remained broadly stable (+0.2)**. This was because a marked improvement in managers' assessment of the current level of order books was almost offset by a deterioration of managers’ production expectations and a smaller deterioration in their assessment of the stocks of finished products.

### Services
**Services confidence fell slightly (-0.4)**. A decrease in managers' demand expectations and a smaller decline in their assessment of the past business situation were mitigated by a small improvement in their views about past demand.

### Consumer
**Consumer confidence fell sharply (-3.4)** to a 2½-year low, driven by a dramatic decline in consumers’ expectations for the overall economic situation in their country. Consumers also became markedly pessimistic about their household's future financial situation.

### Retail Trade
**Retail trade confidence declined substantially (-2.0)** due to retailers' plummeting business expectations for the next 3 months.

### Construction
**Construction confidence was moderately up (+0.7)**, as builders' assessments of their order books and employment expectations improved somewhat.

## Employment Expectations
The Employment Expectations Indicator declined (-1.3 to 97.3 in the EU), due to downward adjustments in employment plans mainly in retail trade, but also in services and industry. In contrast, construction managers' employment plans improved slightly.

## Uncertainty
The Economic Uncertainty Indicator (EUI) rose considerably by 3.0 points. Managers' uncertainty about their future business situation increased in industry, retail trade and, most markedly, in services.

## Summary Table (EU)
| Indicator | Mar 2026 | Feb 2026 | Change |
|-----------|----------|----------|--------|
| Economic Sentiment (ESI) | 96.7 | 98.2 | -1.5 |
| Employment Expectations (EEI) | 97.3 | 98.6 | -1.3 |
| Industry Confidence | -6.8 | -7.0 | +0.2 |
| Services Confidence | 4.8 | 5.2 | -0.4 |
| Consumer Confidence | -18.6 | -15.2 | -3.4 |
| Retail Trade Confidence | -7.1 | -5.1 | -2.0 |
| Construction Confidence | -10.2 | -10.9 | +0.7 |

*Note: Sectoral confidence values are balances (%) from the Statistical Annex. Industry confidence was -6.8 (rounded to -7 in payload) and Services was 4.8 (rounded to 4.9 in payload).*