Consumer confidence rises in June, while business confidence slips

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Consumer confidence rose in June, while business confidence fell slightly. According to Istat estimates, the consumer figure goes to 108.6 from the previous 105.1 and reaches its maximum since February 2022 thanks to a widespread improvement in the variables relating to the general economic situation. As regards business confidence, the composite index fell to 108.3 from 108.3 and reached its lowest level since last December. This is the second consecutive month with a drop in confidence.

All the series making up the consumer confidence index are improving except for the judgments on the advisability of saving in the current phase. The four indicators calculated monthly starting from the same components reflect the variations recorded by the individual variables: the economic climate and the future climate significantly increase respectively from 119.8 to 127.6 and from 112.6 to 118.4. The personal climate and the current climate grew more contained, passing respectively from 100.1 to 102.2 and from 100 to 102. With reference to companies, however, all sectors recorded a decrease in the index, with the exception of construction . The index decreased in the manufacturing sector from 101.2 to 100.3, in market services from 104 to 103.7 and in the retail trade from 111.4 to 110.5. In construction, the index rose from 159.4 to 162.5.
As for the components of the confidence indexes, in manufacturing these all worsen, while in construction, the deterioration in assessments on orders is associated with a marked increase in expectations on employment. In market services, opinions on orders are worsening and in retail trade, opinions on sales are oriented towards pessimism. In relation to the quarterly questions on exports addressed to manufacturing companies on a quarterly basis, a decrease is estimated, for the third consecutive quarter, in the number of companies reporting obstacles to their export activity: the percentage goes from 40.3% in the first quarter of 2023 to 34.7% of the second.