25 February 2020

2020- n° 44

In February 2020, the business climate has bounced back slightly in retail trade Monthly survey of retailing - February 2020

According to the managers in retail trade and in trade and repair of motor vehicles, the business climate has bounced back slightly in February 2020. At 105, the composite indicator that measures it has gained one point and remains above its long-term average (100). This improvement mainly concerns the general business outlook, ordering intentions and past employment. Conversely, the balances of opinion on expected employment and past sales have declined.

In February 2020, the balance of opinion of business managers on the general business outlook on their sector has recovered after falling in January and then remains above its long-term average. Conversely, the one on recent sales has fallen back sharply while remaining above its average. The balance on expected sales has weakened again, albeit more slightly than in January, and remains below its average. The one on ordering intentions has bounced back and remains above its average. The balance on the level of stocks is stable below its average. The one on expected selling prices has bounced back slightly and remains above its average.

In Febuary 2020, the balance of opinion of business managers on the recent development in employment has bounced back sharply, while remaining below its long-term average. This rebound concerns both retail trade and trade and repair of motor cars. The corresponding balance has approached its average in retail trade, while it has exceeded it more clearly in trade and repair of motor cars.

Concerning expected employment development, the balance of opinion has fallen back sharply in February and has deviated further from its long term average. This decline is more marked in retail trade than in trade and repair of motor cars.

In February, in retail trade, the business climate is virtually stable. At 94, the composite indicator has fallen by one point and remains below its long-term mean (100).

The balance of opinion on expected employment development has decline strongly.However, those on recent employment development and on ordering intentions have bounced back, the latter returning above its average. The balance of opinion of retailers on their recent sales has fallen back clearly, due to non-specialised retail trade, and has approached its long- term average. The balance of opinion on expected sales is stable, above its average : the improvement in non-specialised retail trade is offset by the deterioration in specialised retail trade. The balance of opinion of retailers on ordering intentions has increased again, due to a marked improvement in non-specialised retail trade. This balance has returned above its average. The balance of opinion of retailers on the level of their stocks has bounced back, mainly due to specialised retail trade. This balance has approched its long- term average. The balance on expected selling prices has recovered and stands above its average.

Otherwise, the business climate indicator in retail trade in January 2020 has been revised downwards by one point due to the integration of late responses from companies.

In February, in trade and repair of motor vehicles and motorcycles, the business climate indicator has fallen slightly. At 109, it stands however significantly above its long-term average (100). This slight deterioration is due to the drop in the balances of opinion on recent sales, expected employment development and ordering intentions, partially offset by the rise in the balances of opinion on the general business outlook on the sector and on recent employment development. The other balances are stable or have changed little.

Otherwise, the business climate indicator in trade and repair of motor vehicles in January 2020 has been revised upwards by one point due to the integration of late responses from companies.