KOF Economic Barometer: Slight easing, but no all-clear

The KOF Economic Barometer increases by 1.5 index points in July to now 92.2 points (revised from 90.7 in June). All indicator bundles except those for consumption continue to point to a rather below-average development, but they moved in different directions in July. The outlook for services, financial and insurance services as well as for foreign demand and domestic consumption has brightened somewhat. On the other hand, the outlook for construction activity and for manufacturing, whose outlook is particularly gloomy, have clouded over.

In the producing sector (manufacturing and construction), indicators for capacity utilisation and employment development are further slowing down in July. In contrast, the indicators for the order situation tend to point to an easing.

Within manufacturing, the indicators for the metal industry and the producers of textiles and clothing show a decrease. In contrast, the outlook for the paper and printing industry, companies in the wood, glass, stone and earth industry, machinery manufacturing and the chemical and pharmaceutical industries is no longer as unfavourable as before.