The Economic Tendency Indicator fell 1.3 points from 95.4 in March to 94.1 in April. It is now slightly less than six points below the historic average, and indicates that growth in the Swedish economy is weaker than normal. The decrease is due to falls in the confidence indicators for the retail trade and the private service sector, while the indicators for manufacturing and construction rose somewhat. The Consumer Confidence Indicator also continued to improve and is now just above the historic average.
Recovery taking its time
The confidence indicator for the manufacturing industry gained two points in April and is now only three points below the historic average. The assessment of the inventory situation is somewhat less negative than in January, and production volumes increased slightly during the first quarter. Employment in the industry has fallen further, however, and plans point to further cutbacks. Production plans are slightly more optimistic.