Italy: Business confidence edges down in October
October 26, 2011
In October, the ISTAT manufacturing sentiment index edged down to 94.0 points. The figure was down from the 94.5 points reported in September but was slightly above market analyst expectations, which had sentiment declining to 93.8 points. The reading was in line with the deteriorating trend witnessed since April this year, which had been momentarily interrupted in August. The October drop saw business confidence fall to its lowest level since January 2010. According to ISTAT, the deterioration was driven by a worse assessment of the current level of total orders, in particular export orders, and of production levels. In addition, most of the prospective components deteriorated compared to the previous month, with the sub-index related to expectations on the general economy dropping to its lowest level since June 2009.
Author: Armando Ciccarelli, Head of Data Solutions