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Services Behind Slight Fall In July ISTAT Business Confidence

ITALY DATA
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Italian business confidence from ISTAT fell slightly in July to 94.2 (vs 94.5 prior), while consumer confidence ticked up to 98.9 (vs 98.7 cons, 98.3 prior).

  • Consumers saw upticks in each of the major sub-components (general economic climate, personal economic climate, current climate and future climate).
  • The improvement in consumer confidence since Q4 2023 has likely been aided by Italy’s low inflation rates and resilient labour market, helping to support real wages.
  • However, the EC’s Italian consumer confidence metric has not yet seen a similar improvement. We get an update on that series next Tuesday.
  • Services business sentiment fell 1.2 points to 95.9 (vs 97.1 prior), pointing towards another fall in the services PMI on August 5 (last 53.7, down from a March 2024 high of 54.6).
  • Elsewhere, retail and manufacturing sentiment each ticked a little higher, though the latter remains weak at 87.6 (vs 86.9 prior).

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Italian business confidence from ISTAT fell slightly in July to 94.2 (vs 94.5 prior), while consumer confidence ticked up to 98.9 (vs 98.7 cons, 98.3 prior).

  • Consumers saw upticks in each of the major sub-components (general economic climate, personal economic climate, current climate and future climate).
  • The improvement in consumer confidence since Q4 2023 has likely been aided by Italy’s low inflation rates and resilient labour market, helping to support real wages.
  • However, the EC’s Italian consumer confidence metric has not yet seen a similar improvement. We get an update on that series next Tuesday.
  • Services business sentiment fell 1.2 points to 95.9 (vs 97.1 prior), pointing towards another fall in the services PMI on August 5 (last 53.7, down from a March 2024 high of 54.6).
  • Elsewhere, retail and manufacturing sentiment each ticked a little higher, though the latter remains weak at 87.6 (vs 86.9 prior).