Italy: Consumer confidence unexpectedly picks up
July 25, 2012
In July, the index of consumer sentiment published by ISTAT picked up to 86.5 points from a revised 85.4 points in June (previously reported: 85.3 points), which had marked a record low. The result contrasted market expectations, which had the index easing to 85.0 points. Sentiment picked-up as both households' assessment of the current economic situation and their expectations on the general economy improved compared to the previous month. That said, households' assessment on their own personal financial situation deteriorated compared to June. In addition, respondents maintain pessimistic expectations regarding their financial situation in the short term. Accordingly, prospects for purchases of durable goods deteriorated markedly compared to June.