- "The breakdown of Italy’s GDP for 1Q 2010 revealed that net exports provided the largest contribution, while a positive note came from capex. The inventory cycle seems to have run much of its course, while government consumption has entered a declining trend."
- "Despite some encouraging signs, labor market remains in a very early phase of recovery. In 1Q 2010, employment increased slightly, and the rise in unemployment rate was relatively contained. Still, labor input in terms of full time workers keeps falling."
- "Bank of Italy’s data show a stabilization of bank lending to households and non-financial corporations in April. The yearly rate of growth confirmed a moderate increase of 1.0%, declining only slightly with respect to March."
- "In May, the upward trend in inflation came to a halt, following a drop in the transport component, which in turn was prompted by a sharp plunge in air tariffs. Among other core components, after a year in positive territory, the yoy change in communication prices turned negative again."
- "In the Focus section we show that evidence of a co-movement between public and private wages seems well-entrenched. Thus, following the measures included in the budgetary correction, some spillover seems likely in term of wage moderation from the public to the private sector."
Unicredit Italy Monitor June2010
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