The indicator on past sales growth has moved down to near zero (Chart 1), suggesting that the pace of sales growth has moderated slightly over the past 12 months after a strong year. This also reflects a recent slowing in demand for firms tied to the energy and housing sectors, who expect their sales to remain weak or deteriorate further. Reports of improvements in future sales indicators—such as order books and sales inquiries—compared with a year ago have declined further (Chart 2, red line). Still, over the next 12 months, firms anticipate the rate of sales growth to be marginally faster (Chart 2, blue bars), as ... (full story)