Economic Tendency Survey January 2021
Manufacturing pulls up confidence in January
The Economic Tendency Indicator climbed from 95.9 to 100.0. Manufacturing contributed most to the increase. The services and consumer indicators also made gains, while the construction and retail indicators fell. The indicators for total industry and for households are still below 100.
The confidence indicator for the manufacturing industry rose again after falling in December. All of the questions contributed, but the increase was mainly a result of firms being more positive about their order books and to more firms expecting higher production volumes in the coming months.
The confidence indicator for the building and civil engineering industry dropped 1.0 point to 94.9. Firms were less positive about their order books, but their employment plans were slightly less negative.
The confidence indicator for the retail trade fell for a third month in January as a result of firms being less positive about their stocks and reporting a drop in sales volumes. This was offset to some extent by stronger expectations for sales in the coming months.
The confidence indicator for the service sector climbed 3.6 points to 89.8. All questions contributed, but the increase was due mainly to stronger expectations for demand in the coming months.
The consumer confidence indicator rose 1.1 point to 93.1. The increase was chiefly a consequence of consumers being more optimistic about their personal finances over the coming year, offset in part by a deterioration in how they view their finances at present.