Manufacturing: Festive Spirits in the Run-Up to Christmas

The business climate indicator in manufacturing edged downwards from last month's record high. Although survey participants were slightly more satisfied with their current business situation, they were somewhat less optimistic about the months ahead. Waning confidence was particularly marked in the capital goods sector. Assessments of export expectations, by contrast, were slightly more favourable. Against a backdrop of an upturn in demand, satisfaction with order levels also grew somewhat. Finished goods warehouses were empty on balance and production will be ramped up accordingly in the months ahead. More manufacturers also plan to recruit new staff.