Italy: Business sentiment sours in June
The National Institute of Statistics (Istat)’s composite business confidence indicator (Clima di Fiducia delle Imprese Italiane, IESE)—which covers the manufacturing, construction, market services and retail sectors—declined to 99.3 points in June from May’s 100.2 points, which had marked the best result in six months.
June’s reading came on the back of a broad-based deterioration in almost all the sectors covered by the index. Confidence in the construction sector declined notably on less favorable assessments of order books and construction plans, and of deteriorated employment expectations. Additionally, sentiment in the manufacturing sector dropped, dragged down by worse assessments of order books and production expectations. Moreover, confidence in the market services sector edged down slightly, as expectations on future order books and business trend got gloomier. On the other hand, confidence in the retail trade sector gained ground, benefiting from better assessments of current sales and expectations on future sales.