ROME (Reuters) – – Morale amongst Italian businesses slipped for a second month running in September but consumer confidence jumped to its highest level for more than 23 years, data showed on Friday.

National statistics institute ISTAT’s manufacturing confidence index edged down to 113.0 in September from 113.2 in August, but was still above a median forecast of 112.6 in a Reuters survey of eight analysts.

ISTAT’s composite Business Morale Index, which combines surveys across the retail, construction, and service industries, was at 113.8 in September. It is lower than August’s reading, 114.0.

However, consumer confidence surged this month to 119.6 from 116.2 in August, easily beating a median forecast of 115.8 in Reuters’ poll and posting its highest level since ISTAT’s current series began in January 1998.

Since the spring, Prime Minister Mario Draghi’s government has eased business restrictions and moved more people to Italy in an effort to counter declining coronavirus infection rates.

The eurozone’s third-largest economy suffered a steepest drop in its gross domestic product since World War II, contracting by 8.9% last of the year due to COVID-19 lockdowns.

Rome is forecasting a recovery of 4.5% in 2011, but the latest data is positive. The government will likely increase its projections to 6% next week when they release new projections.

ISTAT gave the following data on the September manufacturing confidence survey:

SEPT AUG JULY JUNE

Overall index 113.0 113.2r 115.0r 114.2r

Orders level 6.2 6.4r 7.8r 5.6r

Inventories -1.1 -0.8 -1.9 -1.1

Output outlook 15.1 15.6r 18.3r 19.1r

r=revised