The consumer confidence index showed a reading of minus 51.3 compared to minus 52.0 last month. The composite index came in at minus 16.7 versus minus 16.8 in April. The report noted that retail trade confidence declined in both April and May. The expectations on new orders and sales positions dropped, while opinion on volume of stocks slightly improved.
Within the business segment, industry reported the strongest sentiment level since March 2001 as companies grew more optimistic about output in the coming quarter, orders and inventories of finished products, GKI said. There was no change in the level of export orders or willingness to raise prices, although the number of companies intending to hike prices fell.
Industrial employment expectations were unchanged at the high level recorded the previous month. In the construction sector, the assessment of the previous quarter’s output and the outlook on orders deteriorated significantly from April. Plans to raise prices were scaled back and were below those seen in May last year. The outlook among trade businesses deteriorated further in May despite a significant worsening in April, as companies grew more pessimistic about their orders and sales positions.
At the same time, their plans to increase prices were scaled back. The services sector also reported a substantial deterioration in expectations, especially about future employment. The view on prices in the sector, however, was more favorable. Consumer sentiment improved in May as it continued its gradual recovery from a 12-year low in January. (rttnews.com, fxstreet.com)
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