Italy: Business confidence unchanged in July
The National Institute of Statistics (Istat)’s composite business confidence indicator (Clima di Fiducia delle Imprese Italiane, IESE)—which covers the manufacturing, construction, services and retail sectors—inched down to 105.4 points in July from June’s revised 105.5 points (previously reported: 105.4).
July’s reading was the result of a deterioration in sentiment in the trade and business services sectors, which more than offset improved sentiment in the construction sector. Sentiment in the manufacturing sector, meanwhile, remained unchanged. Confidence in the retail trade sector deteriorated on worsened expectations for future sales, while in the market services sector both assessments and expectations on order books weakened. In the construction sector, sentiment strengthened on more favorable assessments of both order books and production plans, and employment expectations.