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29.07.201006:33:00UTC+00Italian Business Sentiment Improves In July

Italian business sentiment improved in July after easing in June, a survey conducted by the research institute ISAE showed Thursday.

The business sentiment index came in at 98.3 in July, up from a revised reading of 96.3 in June. The expected reading was 96.4. "Both we and the consensus were expecting a broad stabilization of the index, after the slight drop recorded in June," economists at UniCredit Research said.

The latest reading is in line with the recent solid performance of industrial production in the second quarter, UniCredit Research noted. "While we keep expecting some moderation in the pace of economic growth in the second half of the year, the indication stemming from business sentiment in July might point to more resilience in industrial activity than previously envisaged."

A survey of retailers showed a fall in confidence. Retailers' sentiment dropped to 99.4 from June's 103. At the same time, manufacturers' confidence rose to 98.3 from 96.3 last month.

Elsewhere, data from Italian statistical office Istat showed that hourly wages increased 0.1% in June from the previous month, taking the annual growth to 2.5%. Economists had expected a monthly growth of 0.2% and an annual 2.6% increase.

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