Wholesaling (Germany):
Dampened euphoria

In wholesaling the judgments of the present business situation and the outlook were less positive than in May, both in the industrial B2B sector and in consumer goods wholesaling. Together with growing inventories this has had an impact on wholesalers' order plans, which are less expansive. The survey participants still expect to be able to raise prices, with the numbers of such expectations much higher in industrial B2B trade than in the consumer goods sector. After a decline in the past two months, the positive assessments of the business situation in eastern German wholesaling now hold the balance more strongly. Somewhat increased confidence was also expressed in the business outlook. Reports of excess inventories only played a relatively minor role. The increase in prices is expected to continue.