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Expectations for the economy are improving but families remain cautious

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ROME (ITALPRESS) – Expectations on economic prospects and the labor market have improved; however, families do not expect the health emergency to be overcome any time soon. This is what emerges from the data of the fourth edition of the Bank of Italy’s Extraordinary Survey on Italian Families (ISF). The percentage of households that in the last edition expects a clear worsening of the general situation in the following twelve months has decreased by 9 percentage points compared to the survey conducted in November, reaching 23%. Labor market expectations over the next twelve months also became more favorable; households with head of household in the position of self-employed remain more pessimistic. Families do not expect the health emergency to be overcome within a short period of time: only 16% believe it will disappear in the course of 2021, while a third estimate that it will last at least until 2023. Almost 70% of families expect to the current year an income equal to that received in 2020. A little more than one sixth is expected to be lower; this share rises to a quarter among those who believe that the health emergency will last longer. Just under a third of households report having received a lower income in the last month than before the outbreak of the pandemic; the decline is more common among those with self-employed or unemployed head of household and in the areas that at the time of the interview were most affected by the health emergency (orange and red areas). The worsening of income conditions continued to be mitigated by income support measures: between December 2020 and February 2021 it would have benefited a quarter of households. Over 60% of households say they have economic difficulties in making it to the end of the month, 10 percentage points more than in the period before the pandemic. The percentage increased by over 20 points (to 65%) for households whose head of the family is self-employed. Just under 40% of families report that in the last twelve months it has been verified that the family income was not sufficient to cover expenses; almost half of these report that in the absence of income or transfers they would not have their own financial resources to meet essential consumption even for a month. The consumption behaviors of families continue to be affected by the health emergency. Over 80% say they have reduced their expenses for hotel, bar and restaurant services and have made less frequent purchases in clothing stores than in the period before the pandemic; a share equal to two thirds reports a lower expense for personal care services. (ITALPRESS). sat / com 21-May-21 12:22

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