For the third consecutive month, business confidence has declined in the manufacturing industry. All underlying components of the indicator are down, in particular employment expectations and stock levels, with the latter deemed higher than normal by a greater number of business leaders. It’s necessary to go back to June 2020, the middle of the pandemic, to find evidence of a similar assessment of stock levels. The loss of confidence is also affecting, albeit to a lesser degree, the building industry. The most marked movements this month - a sharp fall in demand forecasts and a recent improvement in order books - ... (full story)