Italy Consumer Confidence Weakest Since November 2020

Italy's consumer confidence worsened more than expected in June to reach its lowest level in just over one-and-a-half years, survey results from the statistical office Istat showed on Friday.

The consumer confidence index fell to 98.3 in June from 102.7 in May. Economists had forecast the index to drop marginally to 102.5.

Moreover, this was the lowest reading since November 2020, when it was 96.0.

Among components, economic sentiment of consumers weakened notably to 93.9 in June from 103.6 in May. The index measuring the current climate decreased from 104.6 to 97.9 and that for future situations dropped to 98.8 from 99.8.

The composite business confidence index signaled a positive trend in June, rising to 113.6 from 111.0.

The index measuring confidence in manufacturing also improved in June, with the corresponding index rising to 110 from a revised reading of 109.4 in May. Meanwhile, the index was forecast to fall to 108.5.

In retail trade, the sentiment strengthened from 105.8 to 107.2 and the confidence index for the market services rose to 109.1 from 103.8.

Similarly, the sentiment index for construction rose to 159.7 in June from 158.7 in the prior month.

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