RTTNews - Finnish manufacturing confidence turned up in July, but the confidence indicator remained at a very low level, the Confederation of Finnish Industries EK said Monday.

The confidence indicator stood at minus 27 in July, up from a revised reading of minus 32 in June. However, it is still far away from its long-term average of 3.

Order books are still at considerably low levels and production volumes are still expected to decrease over the next months. Nevertheless, stocks of finished goods decreased close to average.

Moreover, the industrial body said the service sector confidence indicator continued a weak recovery in July with the indicator rising four points from June to minus 21. Despite the small improvement, sales continued to decline.

The confidence indicator for the retail sector rose to minus 14 in July from a revised minus 16 in June and that for the construction sector improved slightly to minus 51 from minus 58. Order books in the construction sector are well below their normal level and further personnel decrease is expected in the near future, the confederation said.

For comments and feedback: contact editorial@rttnews.com