Consumer confidence climbs further

The Economic Tendency Indicator, which measures business and consumer confidence, rose from 102.9 in September to 106.1 in October, a level that points to stronger economic growth than normal. Consumer confidence improved markedly for a second month. In the business sector, it was mainly manufacturing and retailing that were behind the increase.

The micro index, which summarises consumers’ assessment of their personal finances, rose sharply for a second successive month to 109.5 in October, its highest since 2007. An increase in the share of consumers who think now is a good time to purchase durable goods made a major contribution to the rise in the index.

Manufacturers’ overall view of their order books has improved and is slightly above the historical average. Firms expect to increase their production capacity in the coming months and have revised their production plans up sharply.

Firms in the building and civil engineering industry reported stronger order books and increased activity. Employee numbers are also reported to have increased in recent months, but a majority of firms still cite labour shortages as the main factor currently limiting production.

Sales expectations in the retail trade remain relatively optimistic. Recruitment plans have been revised up and signal relatively strong employment growth in retailing in the coming months.

The share of firms in the service sector that consider labour shortages the main factor currently limiting their activity increased sharply to its highest level since the question was introduced in early 2003.

Access the data on

For further information:

Maria Billstam, Head of Economic Tendency Surveys +46 8 453 59 04
Sarah Hegardt Grant, Head of Communications +46 8 453 59 11