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Italy Business Confidence Improves In June

Confidence among Italian businesses improved unexpectedly in June, data from the statistical office Istat showed Wednesday.

The seasonally adjusted confidence index for the manufacturing sector improved to 88.9 in June from 86.6 in May. Economists expected the reading to fall to 85.5 this month. The improvement was led by better assessments on order books and production expectations.

The confidence indicator for the construction sector rose to 85.6 from 82.2 in the preceding month. In the services sector, meanwhile, confidence fell to 70.7 from 72.2.

Retailers were more optimistic in June than in the previous month. The corresponding index rose to 82.4 in June from 76.2 in May.

The composite business climate index was almost steady at 75.4 during the month compared to 75.5 in May.

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