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Financial News: Italy Consumer Confidence Improves Unexpectedly

Italy Consumer Confidence Improves Unexpectedly

08/26/2022 - 09:58:00 (RTTNews)

(RTTNews) - Italy's consumer confidence improved unexpectedly in August, after falling to a 26-month low in the previous month, survey results from the statistical office Istat showed on Friday.

The consumer confidence index rose to 98.3 in August from 94.8 in July, which was the lowest level since May 2020. Economists had forecast the index to drop further to 92.5.

Among components, economic sentiment of consumers rose notably to 92.9 in August from 84.9 in July. The index measuring the current climate improved from 96.1 to 99.7 and that for future situations strengthened to 96.4 from 92.9.

Meanwhile, the composite business confidence index worsened in August, falling to 109.4 from 110.7.

The index measuring confidence in manufacturing also decreased in August, with the corresponding index falling to 104.3 from a reading of 106.4 in July. Meanwhile, the index was forecast to slid to 104.4.

In retail trade, the sentiment rose from 108.5 to 111.5, while the confidence index for the market services eased to 103.3 from 103.9.

Data also showed that the sentiment index for construction fell sharply to 155.8 in August from 164.4 in the prior month.

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