Italy Consumer Confidence Lowest Since May 2020

Italy’s consumer confidence weakened more than expected in July to reach its lowest level in over two years, survey results from the statistical office Istat showed on Wednesday.

The consumer confidence index fell to 94.8 in July from 98.3 in June. Economists had forecast the index to drop to 96.6.

Moreover, this was the lowest reading since May 2020, when it was 92.6.

Among components, economic sentiment of consumers weakened notably to 84.9 in July from 93.9 in June. The index measuring the current climate decreased from 97.9 to 96.1 and that for future situations dropped to 92.9 from 98.8.

The composite business confidence index also worsened in July, falling to 110.8 from 113.4.

The index measuring confidence in manufacturing weakened in July, with the corresponding index falling to 106.7 from a reading of 109.5 in June. Meanwhile, the index was forecast to fall to 108.0.

In retail trade, the sentiment strengthened from 107.2 to 108.1, while the confidence index for the market services fell to 104.1 from 109.0.

Data also showed that the sentiment index for construction rose to 164.4 in July from 159.7 in the prior month.

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