Economic Assessments Remain Cautious Despite Improvement

The index of current assessments of the overall economy rose by 0.9 points to –1.3 points in November, but remained just below the zero line that separates positive from negative assessments. In manufacturing, the situation index rose (+4.5 points), but remained well below the zero line at –7.5 points. In the construction industry, the situation index rose by 1.2 points to 5.5 points, putting it above the zero line. In the service sectors, the situation index fell slightly (–0.4 points) but remained in positive territory at 0.7 points. In the retail sector, the situation index deteriorated (–1.8 points) and, at –0.4 points, was once again just in the sceptical range.

The index of business expectations for the economy as a whole remained virtually unchanged in November compared with the previous month (+0.1 points) and, at –0.3 points, was just below the zero line that separates negative from positive economic expectations. In the retail sector, the expectations index declined (–3.1 points) and, at –13.6 points, was once again lower in the sceptical economic expectations range. In the service sectors, on the other hand, the expectations index rose (+1.4 points) and, at 3.2 points, was higher in the positive range. The construction industry also showed an improvement (+1.1 points), with the expectations index rising to 5.4 points, well above the zero line. In manufacturing, however, the expectations index fell slightly in November (–0.9 points) and remained just in the sceptical economic expectations range at –3.3 points.