💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Italy consumer sentiment drops in July as outlook darkens

Published 24/07/2014, 10:02
Italy consumer sentiment drops in July as outlook darkens

(Reuters) - Italian consumer morale dropped for a second consecutive month in July as sentiment worsened regarding the overall state of the economy as well as prospects for the future and for personal finances, according to data on Thursday.

National statistics agency ISTAT's monthly consumer confidence index fell to 104.6 from a downwardly revised 105.6 in June, when it fell for the first time after rising for three consecutive months.

The data suggested that an initial jump in consumer morale following the arrival of 39-year old Prime Minister Matteo Renzi to power in February may have started to fade as the economy has continued to face severe headwinds.

Italy has been struggling to pull out of a two year recession and create jobs with consumer spending among the weakest elements in the economy.

Renzi's government has passed tax cuts worth a average 80 euros a month to millions of lower paid workers but the ambitious reform promises he has made to revive growth in the eurozone's third largest economy have yet to bear fruit.

ISTAT's consumer confidence index showed the sub-index measuring sentiment on the economy at 114.6 from a revised 116.3 last month, while the reading on survey respondents' personal finances stood at 101.2, down from 102.2 the previous month.

The sub-index on the current situation, incorporating both the economy and personal finances, fell to 104.0 from 104.5 and the index on the future outlook dropped to 106.3 from 107.2.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.