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Main findings from the ECB’s recent contacts with non-financial companies

Author

Listed:
  • de Bondt, Gabe
  • Kuik, Friderike
  • Morris, Richard

Abstract

This box summarises the main findings from contacts between ECB staff and representatives of 68 leading non-financial companies operating in the euro area. The exchanges mainly took place between 4 and 13 October 2021. According to these contacts, overall activity was strong or growing across a range of sectors. However, supply constraints were increasingly limiting firms’ ability to meet demand and were generating pipeline price pressures which, while transitory in nature, were turning out to be more persistent than some had anticipated. There were also more widespread reports of labour shortages, not least as the recovery of high-contact services had stimulated recruitment activity. Owing to the pipeline prices pressures and the recent surge in energy prices, contacts anticipated greater pass-through to consumer prices and higher wages in 2022 than they had a few months ago. JEL Classification: E2, E3, L2

Suggested Citation

  • de Bondt, Gabe & Kuik, Friderike & Morris, Richard, 2021. "Main findings from the ECB’s recent contacts with non-financial companies," Economic Bulletin Boxes, European Central Bank, vol. 7.
    • Handle: RePEc:ecb:ecbbox:2021:0007:2
    Note: 337418
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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2021/html/ecb.ebbox202107_02~9f09fdc7e5.en.html
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    Keywords

    Activity; Business; Prices; Survey;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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