Economic Tendency Survey November 2021

Retail trade alone rises in November

The Economic Tendency Indicator dropped 1.9 points from 119.9 in October to 118.0 in November but continues to show much stronger sentiment in the economy than normal. The retail indicator improved, while the other indicators deteriorated.

The confidence indicator for the manufacturing industry fell 1.8 points in November but remains much higher than normal. One segment where confidence declined is the automotive industry, where the indicator dropped more than 5 points but is still at a far higher level than normal.

The confidence indicator for the building and civil engineering industry lost ground but still points to stronger sentiment than normal. The indicator for builders weakened, while the indicator for civil engineers strengthened slightly.

The confidence indicator for the retail trade climbed 1.5 points to 118.0. Sentiment increased strongly among food retailers, but the indicator for speciality retailers decreased.

The confidence indicator for the service sector fell 0.9 points to 111.3, with firms less positive both about their business situation and about demand in recent months.

The consumer confidence indicator fell 3.2 points and now shows a normal situation. All questions included in the indicator contributed to the decline, but there was a particular deterioration in how consumers view their personal finances over the past year.