Wholesaling: Business Climate Clouds Over Slightly

After last month's sharp increase, the business climate indicator for wholesaling fell slightly again, largely due to the fact that survey participants assessed their current business situation less favourably than in recent months. Their expectations regarding future business developments remained slightly sceptical and almost unchanged from last month. In view of higher stock overhangs, wholesalers downwardly corrected their ordering plans. Sales price increases should remain isolated in the near future and, on balance, wholesalers plan to downsize their staff base.