Thursday May 28, 09:04 AM
Italian industrial confidence continues rise
MILAN (AFP) - Italian industrial confidence rose in May for the second straight month, the state statistics body said Thursday, providing a note of encouragement for an economy mired in recession.
An index measuring confidence in Italy's manufacturing sector rose to 68.7 points from 65.5 in April, its second consecutive gain in the past seven months, the statistics agency Isae said.
The April figure eclipsed forecasts from analysts polled by Dow Jones Newswires for a reading of 65.6.
The Isae attributed the gain to inventory reductions and an assessment by manufacturers of healthier demand.
"Businesses also see positive prospects for economic momentum and jobs over the next three months," the agency added.
Italy fell into recession in the first quarter of the year, when its gross domestic product shrank 2.4 percent compared with the previous three months.
The government foresees a contraction of 4.2 percent in 2009 before a 0.3 percent rebound in 2010.
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