First Signs of Cyclical Recovery

Business surveys for the basic goods and the technical manufactures sector point to a cyclical recovery in Austria. This is consistent with an improvement in sentiment indicators for the USA and for the EU. No relief is yet in sight for the construction industry, although the order situation in civil engineering is markedly better than it is for the building sector. The labour market remains a cause for concern, with job losses accelerating and the number of unemployed significantly above the year-earlier level.