In September, University of Michigan consumer confidence surprised on the upside of expectations, according to the preliminary estimate. The headline index rose from 65.7 to 70.2, while a figure of 67.5 was forecasted. Looking at the details, both the economic conditions (71.8 from 66.6) and economic outlook (69.2 from 65.0) sub-index increased. The nascent improvement in labour market conditions as well as positive signs from the housing market might have increased consumer’s confidence.
EMU: Italian industrial production surprises on the upside
After disappointing German and French industrial production data, Italian industrial production surprised on the upside of expectations. On a monthly basis, industrial production rose by 1.0% M/M, while the consensus was looking for an increase by 0.4% M/M. Also the previous figure was upwardly revised from -1.2% M/M to -0.6% M/M. Looking at the details, consumer, intermediate goods and energy increased, while capital goods dropped somewhat.
Other: UK producer prices advance further in August
In the UK, input producer prices rose at the fastest pace in 14 months, while output PPI showed a more limited increase. On a monthly basis, input PPI rose by 2.2% M/M the fastest pace in 14 months, mainly due to higher oil and metal prices. Output PPI rose at a slower than expected rate in August. Output producer prices rose by 0.2% M/M, while the year-on-year figure increased from -1.3% Y/Y to -0.4% Y/Y, still in negative territory. In the coming months, producer prices are forecasted to increase further and turn to positive territory in the coming months.
