Reading the clock

The direction or angle of the arrow gives an indication of the point in the cycle the European construction industry is currently at. Given that there was stronger sentiment looking ahead then there was for the current situation, this month's arrow is approaching the vertical. This indicates in a graphical way what the numbers say – that expectations are for activity to be as high in a year's time as it is now – a continued boom in other words.

The arrow has moved on from where it was in August, but it remains to be seen whether the peak of the boom is approaching. Previous months results have shown a tendency for the arrow to oscillate, as sentiment changes from month to month, and also because of the small margin of error inherent in any survey like the CE Barometer.