Italy: Consumer confidence plunges to lowest level in more than three years
September 26, 2011
The index of consumer sentiment published by ISTAT plunged from 100.3 points in August to 98.5 points in September, which marks the lowest confidence level since July 2008. The result marked a fourth consecutive drop in the index and matched market expectations. With the September dip, consumer confidence moved further below its long-term average of 113.0 points, which does not bode well for private consumption going forward. The September print reflected concerns about the country's growth prospects within the context of the looming debt crisis. Both expectations on the general economy (-5.0 points) and on the personal financial situation (-4.0 points) markedly deteriorated compared to the previous month. Despite these developments, however, prospects for durable goods purchases improved compared to the previous month (+7.0 points).
Author: Armando Ciccarelli, Head of Data Solutions