In the business-related services sector, the pessimism of business leaders was reflected in every component of the indicator, particularly with respect to expectations of activity levels which had risen sharply the month before. In the manufacturing industry, the erosion of confidence was the result of worsening expectations in terms of demand and, to a lesser extent, employment. Order book assessments were also revised downwards, while stock levels were appraised more favourably, closer to normal levels. Business leaders were also more cautious in the building industry, taking a more negative view of recent ... (full story)