Italian business morale rebounds

Chris Papadopoullos
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ITALIAN business confidence took an unexpected upturn in October, with all surveyed sectors expressing renewed optimism.

The overall business climate index rose to 89.3 from 86.9, according to data published yesterday by Italy’s national statistics office Istat – 100 marks the 2005 level.

The overall increase was the result of a broad-based rise in sentiment across the manufacturing, construction, market services, and retail trade sectors.

Manufacturing confidence reversed its four consecutive months of decline with the index rising to 96 from 95.5. Last month saw a rebound in purchasing managers’ index data for Italy’s manufacturers. It scored 50.7 in September after a four-month decline to 49.8.