Recovery signals for the international economy were scant. Data surprised mostly to the downside both in advanced and emerging countries.
In the euro area, GDP growth is expected to slow down slightly in the second quarter due to weaker industrial production but it should pick up slightly afterwards.
Italian economy remains on a moderate growth path nevertheless labour market conditions and household purchasing power are continuing to improve.
In April, the seasonally adjusted industrial production index decreased for the second time in a row by 0.7% compared with the previous month.
In May, the estimate of employed people increased in comparison with the previous month and the unemployment rate decreased sharply.
Last month, inflation remained subdued mainly because of most volatile components slow dynamics. On the contrary, the core inflation, although remaining very low, increased marginally.
In June, consumer confidence decreased sharply and the deterioration was broad based. In the same month also the business confidence worsened. The leading indicator continued to decrease although on a decelerating path suggesting that Italian economy will continue to grow modestly.