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Italy Consumer Confidence Improves More Than Forecast

Italy's consumer confidence strengthened more-than-expected in November to the highest level in three months, mainly due to the improvement of both the economic and the future confidence climate, survey results from the statistical office Istat showed on Friday.

The consumer confidence index rose notably to 98.1 in November from 90.1 in October. Economists had forecast the index to rise slightly to 91.

Among components, economic sentiment of consumers rose sharply to 95.2 in November from 77.6 in October. The index measuring the current climate improved from 94.3 to 99.0, and that for future situations surged to 102.8 from 88.8.

Data also showed that the composite business confidence index improved for the first time in five months in November, rising to 106.4 from 104.7.

The index measuring confidence in manufacturing also strengthened in November, with the corresponding index increasing to 102.5 from a reading of 100.7 in October. Meanwhile, it was expected to fall to 99.6.

The confidence index for retail trade rose to 112.2 from 109, while the measure for construction eased to 151.9 from 157.5.

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