Economic Tendency Survey November 2022

Decline in Economic Tendency Indicator slows down

Over the past six months, the Economic Tendency Indicator has decreased by approximately five units each month. However, the decline halted in November when the indicator decreased marginally by 0.3 points to 84.5. The consumer indicator, which has decreased sharply in 2022, increased in November, while the service sector's confidence indicator decreased the most.

The confidence indicator for the manufacturing industry fell a moderate 0.6 points to 104.2 and still shows a stronger situation than normal. One segment that is much more negative than the average is the food industry, where the indicator is well below normal at 73.9.

The confidence indicator for the building and civil engineering industry dropped just over a point, but this remains the only other part of the business sector showing a stronger situation than normal.

The confidence indicator for the retail trade was essentially unchanged in November and remains unusually low. Dissatisfaction is widespread but particularly evident among specialist retailers, most notably electronics retailers.

The confidence indicator for the service sector fell to 85.2. Although sentiment is much weaker than normal, firms generally reported an increase in employment over the past three months, and their employment plans for the next three months are more optimistic than normal.

The consumer confidence indicator climbed 5.6 points to 55.8 but still shows very weak sentiment. It is only the second time since May last year that the indicator has not fallen.