Consumer and business confidence - July 2024

In July 2024, the consumer confidence index showed an improvement passing from 98.3 to 98.9. Looking at its components, the personal confidence climate got on from 95.8 to 96.5, the future one from 98.7 to 99.4, the current one from 98.1 to 98.5 and the economic one from 105.3 to 105,6.

With reference to the business confidence climate, the index (IESI, Istat Economic Sentiment Indicator) weakened from 94.5 to 94.2.

The manufacturing confidence climate improved from 86.9 to 87.6. Assessments on order books bettered while  expectations  on production  held virtually  steady (the balance  of the first variable  recovered from -22.8 to -20.5, while the one of the second variable varied from 1.3 to 1.4). Lastly, stocks were considered to have slightly built up (the related balance increased from 2.6 to 2.8).

The construction confidence climate decreased from 104.5 to 103.6. Firms gave more negative opinions both about current order books and future employment (the related balances lowered from -0.7 to -1.4 and from 9.8 to 8.8, respectively).

The market service confidence climate worsened from 97.1 to 95.9. Compared to the previous survey, respondents were decidedly pessimistic about the current business trend (the related balance, in fact, plummet from 6.0 to 0.8) but, on the contrary, they judged volume of orders to be growing (the balance of the variable recovered from -0.2 to 1.3). Finally, firms expect order books stable in the next few months (the balance of the variable remained unchanged at 5.1).

The retail trade confidence climate slightly improved from 102.2 to 102.6. Looking at confidence climate-building variables, opinions on current business activity improved, while expectations on future sales worsened (the related balances varied from 9.7 to 11 and from 25.0 to 24.1). Moreover, inventories were considered to have diminished (the balance of the variable lowered from 7.4 to 6.6, respectively).