Italy consumer confidence jumps in March

By Liam Moloney
ROME
Consumer confidence in Italy rose in March, to its highest level in almost three years, as households became more optimistic about the future of the country's economy, national statistics institute Istat said , indicating the new government headed by Premier Matteo Renzi had a positive impact on the national mood                                        
Italy's consumer confidence index jumped to 101.7 in March from an upwardly revised 97.7 in February, said Istat
The March figure is the highest since June 2011, although last June Istat changed some of the methodology of the survey                                        
Last month, it released a 97.5 reading for February
"The important news is that the increase is a result of positive expectations for the economy," said an Istat official                                        
The economic outlook climbed to 105.5 from 99.1 in February, said Istat                                        
The poll was conducted in the first two weeks of March, shortly after Democratic Party leader Mr. Renzi replaced Enrico Letta as prime minister, promising tax and labor reforms, as well as other measures to kick-start the economy and reduce record unemployment                                        
Households, which in Italy tend to have low debt burdens and substantial savings, expressed notably more buoyant attitudes about their economic situations and private expectations, according to Istat                                       
The March overall increase was registered across the nation, with the biggest gains posted in the northwest