Consumer and business confidence

In July 2021, the consumer confidence index bettered from 115.1 to 116.6. The improvement was due, in particular, to the rise of the economic, personal and current components (from 126.9 to 129.6, the first from 111.1 to 112.2, the second and from 126.9 to 129.6 the third). On the contrary, less favourable signals came from the future climate index. The latter showed a reduction from 125.5 to 123.5.

With reference to the business confidence climate, the index (IESI, Istat Economic Sentiment Indicator) increased from 112.8 to 116.3.

The confidence index in manufacturing improved from 114.8 to 115.7. The balance referring to the order book increased from 6.5 to 8.9 and the one on inventories decreased (from -1.2 to -2.0). The expectations on the future production went down from 19.7 to 19.1.

The confidence index in construction rose from 153.6 to 158.6. The positive development was due to the recovery in the assessments on order books/construction (the related balance varied from -3.5 to 0.9) and to the improvement in the expectations on employment (the balance went up from 6.4 to 8.7).

The market services confidence index got on from 107.0 to 112.3. Compared to the previous survey, firms improved their assessments both on the order books and on the business trend (the balances of the variables improved from 3.1 to 13.7 and from 8.4 to 16.0, respectively). Respondents, instead, expressed less positive expectations on future order books (the balance of the variable went down from 21.2 to 19.5).

The retail trade confidence index further increased from 107.2 to 111.0. A particularly robust expansion characterized the expectations on the future business trend (the balance rose from 22.5 to 29.6); assessments on the current business trend also improved and the level of inventories reduced (the related balances went from 13.1 to 17.0 and from 6.6 to 5.9, respectively). The improvement in confidence extended to both distribution channels: the index went up from 109.0 to 112.8 in the large scale distribution and from 101.7 to 104.6 in the small and medium scale one.