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ISTAT Consumer Confidence Rises In May; Focus On Q1 Details On Friday

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ISTAT May consumer confidence retraced much of April’s 1.3pp decline to print at 96.4 (vs 96.0 cons, 95.2 April, 96.5 March). This brings the index back to January’s levels.

  • All the sub-components of the consumer confidence index rose in May, with the “general economic climate” component printing at 101.9 (vs 99.4 prior).
  • Q1 consumption data is due on Friday, with focus on whether real consumption registered sequential Q/Q growth or not.
  • The flash GDP release noted that domestic demand was a negative contributor to the 0.3% Q/Q print, and the weak real retail sales prints seen throughout this year suggests consumption may have been a drag. Analyst consensus currently sees Q1 Y/Y consumption at -0.2% Y/Y.
  • Elsewhere, overall economic sentiment fell to 95.1 (vs 95.8 prior), with services sentiment (97.8 vs 99.5 prior) seeing the largest move lower.

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ISTAT May consumer confidence retraced much of April’s 1.3pp decline to print at 96.4 (vs 96.0 cons, 95.2 April, 96.5 March). This brings the index back to January’s levels.

  • All the sub-components of the consumer confidence index rose in May, with the “general economic climate” component printing at 101.9 (vs 99.4 prior).
  • Q1 consumption data is due on Friday, with focus on whether real consumption registered sequential Q/Q growth or not.
  • The flash GDP release noted that domestic demand was a negative contributor to the 0.3% Q/Q print, and the weak real retail sales prints seen throughout this year suggests consumption may have been a drag. Analyst consensus currently sees Q1 Y/Y consumption at -0.2% Y/Y.
  • Elsewhere, overall economic sentiment fell to 95.1 (vs 95.8 prior), with services sentiment (97.8 vs 99.5 prior) seeing the largest move lower.