Italy consumer confidence touches 10-month low, business sentiment improves

Italy’s consumer confidence decreased in June, falling to a level of 10-month low, while business sentiment improved during the same period, despite a surprise decision by the United Kingdom voters of their intent to exit the European Union in a referendum that took place last week.

The consumer confidence index fell to 110.2 in June from 112.5 in May. Economists had expected the index to remain stable at 112.5, data released from the statistical office ISTAT showed Tuesday.

The latest score was the weakest since August 2015, when it marked 109.6. At the same time, the manufacturing confidence rose to 102.8 in June from 102.1 a month ago. Assessments on order books gained, while production expectations and inventories remained stable.

The index measuring confidence in construction climbed from 120.4 in May to 124.6 in June. At the same time, the sentiments for market services and retail trade worsened during the month. Meanwhile, the economic sentiment indicator came in at 101.2 in June, down from 103.0 in the preceding month.