ECB Contacts With 64 Firms Show Moderate Q3 Growth, Weak Consumer Spending and Accelerating Selling Prices

Key findings from the ECB's corporate contacts

The European Central Bank (ECB) published the main findings from recent contacts between its staff and representatives of 64 leading non-financial companies operating in the euro area. The exchanges mainly took place between 28 September and 7 October 2026.

According to these contacts, activity continued to grow moderately in the third quarter, and similar momentum is expected for the fourth quarter. Growth was particularly focused in high-value manufacturing and IT services, while growth in consumer spending was relatively weak.

Employment, prices and wages

Employment dynamics remained subdued, with many firms in cost-cutting mode. Growth in selling prices accelerated in the third quarter, reflecting rising costs owing to the ongoing conflict in the Middle East. Some slowing in price growth was expected in the fourth quarter.

Contacts continued to anticipate moderating wage growth, but to a lesser degree than in the previous survey round.

Why it matters for markets

The findings give a snapshot of how large euro area companies view activity, hiring, pricing and wages. Market participants who follow euro area economic conditions and monetary policy may find this qualitative picture a useful reference alongside official data releases.

Notes for EA trading

Publications from major central banks can coincide with periods of heightened volatility, and spreads may widen around such releases. Traders running automated strategies may wish to review their EA settings in advance and consider pausing operation around important events. Managing risk carefully remains a general priority.