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Italy Consumer Confidence At 28-Month Low

Italy's consumer confidence weakened more-than-expected in September 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 September from 98.3 in August. Economists had forecast the index to drop further to 95.1.

The latest score was the lowest since May 2020, when it was 92.6.

Among components, economic sentiment of consumers declined notably to 81.3 in September from 92.9 in August. The index measuring the current climate dropped from 99.7 to 96.9 and that for future situations weakened to 91.8 from 96.4.

Meanwhile, the composite business confidence index worsened in September, falling to 105.2 from 109.2.

The index measuring confidence in manufacturing also decreased in September, with the corresponding index falling to 101.3 from a reading of 104.0 in August. Meanwhile, the index was forecast to fall to 102.1.

In retail trade, the sentiment declined from 113.4 to 110.6, and the confidence index for the market services eased sharply to 95.9 from 103.0.

Data also showed that the sentiment index for construction improved to 159.5 in September from 155.8 in the prior month.

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