Broad-based decline in confidence in January
The Economic Tendency Indicator fell for a fourth month from 105.6 in December to 101.9 in January following weaker signals from all sectors otherthan construction.The confidence indicator for the manufacturing industry fell 4 points in January and has dropped no fewer than 10 points in five months. It is still above 110, however, a level that points to a much stronger situation than normal. The decline is relatively broad-based, with most of the subsector indicators having fallen. The confidence indicator for the building and civil engineering industry increased marginally for a