Italians felt 'black summer' as economic fears bite

(See related) (ANSA) - Rome, August 27 - This month's drop in consumer confidence reflects a "black summer" endured by Italians who are feeling deeply worried about their own financial conditions as well as that of the country, a consumer group warned Wednesday.
    And autumn looks no better as fears for employment and job security are pushing individuals and business alike to hold on tightly to every euro, said Codacons.
    Its comments came shortly after national statistics agency Istat reported that consumer confidence fell in August for the third consecutive month.
    That "raises fears for a black autumn on the Italian consumer side," said Carlo Rienzi, president of Codacons.
    "If there is no trust (in the economy) citizens will tend to postpone purchases...and reduce their consumption," he said. "In light of the Istat data, we expect a black autumn in terms of sales and consumption," which will badly hurt business and employment, he said.
    Purchasing power of Italians has fallen by more than 13.4% since 2008, added consumer groups Federconsumatori and Adusbef.