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Italy Oct business confidence rises unexpectedly

Published 28/10/2014, 09:04
© Reuters An employee walks at the Maserati new plant in Turin

ROME, (Reuters) - Morale among Italian manufacturers rose unexpectedly strongly in October, reversing four months of straight declines, data showed on Tuesday.

National statistics office ISTAT's manufacturing confidence index rose to 96.0 in October from a revised 95.5 the previous month. The September figure was originally reported as 95.1.

The data was above market expectations, with the median forecast of a Reuters survey pointing to a reading of 94.9.

ISTAT's composite business morale index, which combines surveys of the manufacturing, retail, construction and services sectors, rose in October to 89.3 from a revised 86.9 in September.

The monthly reading comes as a rare bright spot for the Italian economy, struggling to emerge from its worst recession since World War Two.

© Reuters. An employee walks at the Maserati new plant in Turin

ISTAT said confidence had risen in all the sectors surveyed, from manufacturing to services, construction and retail.

((Reporting by James Mackenzie) )

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