Economic Tendency Survey September 2021

Economic Tendency Indicator still very strong

The Economic Tendency Indicator fell slightly further in September to 119.9 but still shows much stronger sentiment in the economy than normal. The retail indicator jumped 4.9 points, while the manufacturing indicator fell 1.9 points. There were only minor movements in the other business sector indicators.

The confidence indicator for the manufacturing industry fell 1.9 points to 126.6 but is still unusually high. The high level of the indicator can be explained by relatively small stocks and relatively strong order books.

The confidence indicator for the building and civil engineering industry gained 1.2 points. The increase was a result of more optimistic signals from homebuilders, while civil engineers are not quite as upbeat as before.

The confidence indicator for the retail trade jumped 4.9 points to 117.0 after falling by a similar amount the previous month. The increase was due to more firms, especially specialist retailers, reporting low stocks. Firms’ view of their stock levels also explains the level of the indicator.

The confidence indicator for the service sector edged up a tenth of a point to 112.2, which reflects a very strong situation.

The consumer confidence indicator fell somewhat in September but still points to a strong situation. The micro index summarising how consumers view their personal finances fell almost 4 points to show a normal situation, while the macro index summarising their view of the Swedish economy as a whole edged up and continues to show a very strong situation.