Economic Tendency Survey February 2022

Retail trade bounced back in February

The Economic Tendency Indicator climbed 3.2 points from 109.8 in January to 113.0 in February, which means that sentiment in the economy is much stronger than normal. The retail indicator performed particularly well, leaping 16.2 points.

The confidence indicator for the manufacturing industry gained 2.9 points and thus remains much stronger than normal. The increase was due exclusively to more positive expectations for future production.

The confidence indicator for the building and civil engineering industry was the only business sector indicator to lose ground in February. The indicator for housebuilders fell slightly, while the indicator for civil engineers rose.

The confidence indicator for the retail trade jumped 16.2 points after falling almost 9 points in January. The rebound was due primarily to more optimistic expectations for sales volumes.

The confidence indicator for the service sector climbed 3.0 points to 106.7 as a result of firms being more positive about demand for their services over the next three months. Travel agents and hotels/restaurants are two segments where demand is expected to be much stronger.

The consumer confidence indicator fell 0.9 points to 88.9. The indicator for women rose slightly, but the indicator for men dropped sharply to its lowest since May 2020.