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Consumer and business confidence

With regard to the consumer survey, the confidence climate index decreased in August 2016 from 111.2 to 109.2. All components decreased: economic from 129.8 to 125.5, personal from 105.0 to 103.6, current from 109.1 to 107.2 and the future component from 114.8 to 112.2. The balance concerning expectations on unemployment grew from 30 to 35. The balance on inflation perceptions referring to the last 12 months and on inflation expectations for next 12 months rose from -31 to -22 and from -30 to -27 respectively.

With reference to the business surveys, the composite business confidence climate index (IESI, Istat Economic Sentiment Indicator) decreased from 103.0 to 99.4 in August.

The confidence index in manufacturing fell from 102.9 to 101.1. Assessments on order books and production expectations worsened (from -14 to -18 and from 10 to 9 respectively). Inventories remained stable (at 3).

The confidence index in construction fell from 126.2 to 123.5. Assessments on order books and construction plans worsened (from -24 to -28) and employment expectations remained stable (at -9).

The market services confidence index fell from 108.3 to 102.4. Assessments and expectations on order books worsened (balance from 7 to 3 and from 8 to 1, respectively). Expectations on general economic situation deteriorated (from 8 to 3).

The retail trade confidence index fell from 101.3 to 97.1. Assessments on current sales and expectations on future sales worsened (the balance from 6 to -4 and from 21 to 16, respectively). The volume of stocks was assessed declining. The index decreased both in large scale distribution (from 101.0 to 95.7) and in small and medium scale distribution (from 102.5 to 101.1).