Financial News: Italy Consumer Confidence Falls Unexpectedly; Business Mor

Italy Consumer Confidence Falls Unexpectedly; Business Morale Improves

08/30/2024 - 09:48:00 (RTTNews)

(RTTNews) - Italy's consumer confidence unexpectedly weakened to the lowest level in four months, while business confidence rose marginally, survey data from the statistical office Istat showed on Friday.

Consumer sentiment dropped to 96.1 in August from July's 29-month high of 98.9. Meanwhile, economists had expected the index to rise further to 99.2.

Among components, the economic climate index weakened to 102.3 in August from 105.6 in July. The index measuring the personal climate also dropped to 93.8 from 96.5, and the future climate decreased from 99.4 to 95.7. Similarly, the current climate index fell to 96.3 from 98.5.

The data also showed that the composite confidence index rose to 94.7 in August from 94.3 in July. The increase in the index was essentially due to the estimated improvement in the market services sector and, in particular, in tourism and information and communication.

The index for market services climbed to 97.9 from 96.0. Meanwhile, the confidence among manufacturers worsened, with the index falling from 87.6 to 87.1. The morale also faded in the construction and retail trade sectors.

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