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Italian manufacturers' confidence rebounded more than expected in October, results of a latest survey conducted by economic think tank ISAE revealed Wednesday.
Manufacturers' confidence indicator rose to 77.1 in October from revised 74.3 in September. Economists had forecast an increase to 75. In September, the indicator dropped from 74.7 recorded in August. According to the think tank, manufacturers wee slightly more optimistic regarding future output.
Today's improvement point to a significant rebound in industrial output in the second half of the year, BNP Paribas economist Clemente De Lucia said. "However several headwinds remain. In particular, the recovery in the manufacturing sectors might fade once budgetary measures such as cash-for-clunkers schemes, which pushed activity in the automotive sector, are not felt any longer." In addition, the technical rebound due to the end of the destocking process will not last. Moreover, the rise in unemployment is likely to constrain private consumption in the quarters ahead.
Separate survey results showed that retailers' and services providers' sentiment deteriorated in October. The corresponding indicator dropped to 93.4 from 95.4. They were pessimistic about current business conditions. The confidence indicator in the service sector dropped to minus 7 from revised minus 5 in September.
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