Italian consumer confidence unexpectedly improved in May after recent declines. However, business morale fell to its lowest level in eight months. These mixed signals paint a complex picture for the euro zone's third-largest economy.
National statistics institute ISTAT reported the consumer confidence index climbed to 93.4 from 90.8 the previous month. This exceeded the median forecast of 90.1 in a Reuters poll of eight analysts.
The composite business morale index, which combines surveys of the manufacturing, retail, construction and services sectors, declined to 94.1 from 95.1 in April. This marks its lowest reading since last September.
The manufacturing sub-index remained unchanged at 87.9, ISTAT said.
