Wholesaling (Germany):
Expansive personnel and order plans

In the assessments of the current business situation in wholesaling, the positive responses predominated again a little more clearly. This is due primarily to the clear improvement in consumer durables. With regard to the six-month outlook, wholesalers are somewhat more sceptical than they were in October, with the exception of the consumer durable sector. Excess inventories were reduced somewhat, and order plans are again expansive. The share of survey participants that expect price increases grew noticeably and is still particularly large in the food and beverage sector. After a weakening in October, wholesalers in the new federal states classified their current situation more positively in November but are more sceptical regarding the business outlook. In spite of being able to reduce excess inventories, they plan to place fewer orders than at the same time of the previous year. Price increases are likely to continue.