Italy: Consumer confidence rises in November
November 23, 2010
The index of consumer sentiment published by the Institute for Studies and Economic Analyses (ISAE, Istituto di Studi e Analisi Economica) stepped up from 107.7 points in October to 108.5 points in November, a result that surprised market analysts, who had expected confidence to drop slightly to 107.5 points. The monthly figure marked the strongest confidence result since the beginning of the year, but nonetheless confirmed that consumers remain cautious, with the index remaining below its long-term average value of 113 points. The increase in the confidence gauge was driven by the improvement in households' overall assessment on their financial situation. Respondents to the survey had a more upbeat opinion regarding their current financial situation but were slightly less optimistic about their near-term financial situation compared to the previous month's result. However, households are more pessimistic regarding the country's economic situation, compared to the previous month. Therefore, while consumers have a more positive opinion regarding the current general economic situation, expectations for the country's future economic situation deteriorated strongly compared to October.
Author: Armando Ciccarelli, Head of Data Solutions