Eurozone's economic sentiment weakened for an eleventh straight month in November, but the pace of decline was less than expected, helped by an improvement in morale in the industrial sector.

The economic sentiment indicator fell to 109.5, which was the weakest reading since May 2017, when the score was 109, survey data from the European Commission showed on Thursday. The October reading was revised to 109.7 from 109.8. Economists had forecast a score of 109.1 for November. Meanwhile, the industrial confidence index rose to 3.4 from 3, which was in contrast to economists' expectations for a steep fall to 2.5. The measure climbed for the first time in five months. The services confidence measure was steady at 13.3 in November, which is the lowest level since June 2017. Economists had expected the measure to drop to 13.1. The consumer confidence index deteriorated to -3.9 from -2.7, confirming its flash estimate released on November 22. Pessimism in the retail trade industry lessened slightly, while optimism in the construction sector was stable in November. A separate report from the European Commission on Thursday that the Eurozone business climate index rose to 1.09 in November from 1.01 in October, which was revised from 0.96. "November's modest decline in the EC's euro-zone Economic Sentiment Indicator (ESI) left it consistent with solid GDP growth which will encourage the ECB to end its asset purchases next month as planned," Capital Economics economist Jennifer McKeown said. Eurozone growth halved to 0.2 percent in the third quarter and the private sector growth in November was the slowest in nearly four years. European Central Bank President Mario Draghi said at the start of this week that a gradual slowdown in Eurozone growth is normal and is part of it is likely temporary. However, risks relating to protectionism, vulnerabilities in emerging markets and financial market volatility remain prominent, he reiterated.

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