September: industrialists' confidence rises

Giovanna Labartino

Senior Economist

Labour Market and Income Distribution

Lorenzo Marchetti

Economist

Conjuncture and Macroeconomic Simulations

Monday 6 October 2025

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  • In the detection of Septemberthe majority of large industrial companies associated with Confindustria expect a increased production (69.6%). About a quarter expect stability (25.5%), while only 4.9% assume a contraction. This is opposite to the result in August, when 64.0% expected a decrease in production, given the summer closures.

  • Looking at the quarterly trend (Chart 1), in Q2 2025 more than half of the respondents expected production to remain unchanged (62.4%). In the summer months, the assessments were distributed differently: in the third quarterIn fact, almost half of the companies expected a increase (46.9%), 26.8% predicted stable production, and 26.3% a contraction.
  • The balance related to demand and orders decreased in September after the increase in the previous month and reached zero (from 3.1% in August) (Chart 2).
  • Business expectations on the availability of labour in the coming months worsen while remaining positive, registering a balance of 0.2% in September, after 4.1% in the previous month.
  • Negative balance for production costs in the September survey, worsening from the previous month (-5.3% from -4.2%).
  • Judgments regarding the financial conditions become more positive in September (2.0% from 1.5%).
  • As for the availability of materialsthe balance of September responses returned to expansionary territory (0.8% from -4.6%).
  • The industrialists' verdict on the availability of facilities improved significantly in the September survey (2.4% from 0.1%).

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