Little change in the GKI economic sentiment index in July

The GKI Economic Sentiment Index was down 1 point, within the margin of error. In July the only markedly positive change occurred among commercial firms (the sector’s index rose by 3 points), while the outlook for construction manufacturing and business services remained within the margin of error. Industrial expectations deteriorated slightly (the confidence index fell by a solid 2 points). In trade satisfaction with the business performance in the previous three months and the assessment of inventories also improved, with orders expected to remain unchanged in the next three months. In the services sector employment expectations for the next three months deteriorated slightly. Businesses’ willingness to hire didn’t change significantly in July, with roughly equal proportions planning to increase and decrease their workforce.