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Ups and downs in confidence in November. That of businesses sees a slight decline from 103.9 to 103.4 while that of consumers records an increase in the index from 101.6 to 103.6 thanks to a clear recovery in sentiment. The personal and current climate record the most significant increases, with the first going from 98.6 to 101.2 and the second from 97.4 to 99.8 while the future climate increases from 107.7 to 109.3 and the economic climate rises from 110.5 to 111.0. This is what emerges from the Istat estimates on trust. The Institute recalls that «The consumer confidence index, after four consecutive months of decline, is increasing again while remaining below the average level recorded in the period January – October 2023. There is a general improvement in all nine variables that make up the indicator with the exception of unemployment expectations, which are slightly worsening.” Instead, business sentiment declines for the fourth consecutive month and returns to April 2021 levels due to the worsening of confidence in market services and construction where a sharp reduction in the confidence index is estimated, which respectively falls from 98 .0 to 96.4 and from 163.8 to 161.3 while confidence is improving in manufacturing and especially in trade. Here the index rises, in order, from 96.1 to 96.6 and from 106.1 to 107.4. In manufacturing, assessments on orders worsen slightly while expectations on production grow and inventories are judged to be decreasing slightly. In construction, a deterioration of all components is estimated.
In market services, negative dynamics are highlighted for all components of the confidence index. With reference to retail trade, assessments on sales are worsening and inventories show a slight accumulation; sales expectations, however, increase markedly, especially for large-scale distribution.