Italian consumer morale picks up in November
ROME (Reuters)- Italian consumer confidence rose in November after slumping the previous month, with sentiment improving over families' personal finances, data showed on Tuesday.
National statistics bureau ISTAT's headline consumer morale index rose to 98.3 in November from 97.3 in October.
The result beat the average forecast in a Reuters survey of 15 analysts which pointed to a reading of 97.3. Forecasts spanned 96.5 and 98.5.
Views on the current economic climate improved during the month, though sentiment on the future outlook for the euro zone's third largest economy deteriorated, ISTAT said.
Consumers are struggling through Italy's longest recession in six decades, with the economy contracting in every quarter since the middle of 2011.
Bickering between the centre-left and centre-right allies in Enrico Letta's government, torn between demands for tax cuts and EU pressure for budget rigour, has largely stymied promises to pass much needed reforms to boost growth.
Letta said on Monday he would call a confidence vote on his 2014 budget, a package of measures which have become a focal point for public discontent, with unions calling strikes to protest against what they say is insufficient easing of the tax burden on workers.
The motion in the Senate further heightens tensions ahead of a vote to expel Silvio Berlusconi from parliment this week following his conviction for tax fraud.
ISTAT's consumer confidence survey showed the sub-index measuring sentiment on the economy fell to 91.6 from 93.1 while sentiment on respondents' personal finances rose to 101.1 from 98.1.
The sub-index on the current situation rose to 99.2 from 96.1 while the index on the future outlook dropped to 97.3 from 98.5.
Consumer spending has long been an achilles heel of the Italian economy, which has been among the most sluggish in the euro zone for at least a decade.
Analysts say ISTAT's consumer confidence index shows little immediate correlation with spending patterns, though it does reflect longer term trends.
(Reporting by Catherine Hornby) (catherine.hornby@thomsonreuters.com + 39 06 8522 4232))
