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Business conditions in the services sector improved slightly compared with April, according to a survey of business managers surveyed in May 2024. The composite index was 101, up 1 point and slightly above its long-term average (100).
In May 2024, managers of businesses in the services sector were more optimistic about the outlook for individual activity than in the previous month: the balance of opinions on expected activity rebounded sharply and returned to above the long-term average. The balance of opinions on the overall business outlook for the sector improved slightly. The balance of opinions related to activity in the past three months also rebounded and is above average. At the same time, the balance of opinions on perceived economic uncertainty rose slightly and is slightly above average.
In terms of sales prices, the balance related to their recent and expected changes has decreased and moved closer to their long-term average.
The balance of opinion on changes in the size of the workforce (past and expected) deteriorated slightly in May 2024 and remains below average. However, the balance of opinion on the expected size of the workforce excluding temporary work agencies increased and moved away from itself.
Business conditions in the accommodation and food services sector improved sharply in May 2024, reaching their highest level since April 2023. In particular, the forward-looking balance of opinions on demand, individual activity, and industry activity has improved substantially, to well above their respective averages. In contrast, expectations for past activity have fallen sharply.
In the information and communications sector, business sentiment indicators have also improved. The balance of past and expected activity has rebounded sharply, well above its long-term average. The balance of expected labor force size has also improved.
In the area of professional, scientific and technical activities, the business sentiment index has recovered and returned to the average level. This improvement is mainly due to an improvement in the balance of forward-looking opinions on activity in this sector, demand, individual activities and the size of the workforce.
Business conditions in the road freight industry are stable and slightly below average. In particular, the perception of the overall business outlook remains stable.
In the housing market, business sentiment indicators retreated after being slightly below average last month. In particular, the balance of views on the past and expected size of the workforce fell sharply. On the contrary, expectations for expected demand and activity improved significantly.
Finally, business conditions in the administrative and support services sector deteriorated and deviated from the average. The forward-looking balance of opinions on activity, demand and the size of the workforce declined sharply, especially among temporary work agencies.
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