Economic mood brightens across recession-hit eurozone

Economic sentiment in the recession-hit eurozone brightened in May thanks to a pickup across most business sectors, dpa cited a survey released Thursday as showing. The European Commission said its closely watched economic sentiment indicator (ESI) rebounded to 89.4 points this month, after falling to 88.6 points in April. "The recovery was driven by brightening sentiment in all business sectors except for construction," the commission said. The survey index measuring confidence in the building industry fell 2 points as construction companies were hit by a long cold winter. But the fall in the construction business was cancelled out by a gain in confidence in the 17-member currency bloc's services and industrial sectors, as well among retailers and consumers. The ESI was also boosted by a rise in confidence in the eurozone's third biggest economies - Germany, France and Italy. Employment plans were revised upwards in the retail trade along with the industrial and services sectors, but were revised down sharply in the construction industry. The commission said confidence in the broader 27-member European Union also rose in May, climbing to 90.8 points from 89.7 last month.