TAIPEI -- Manufacturers, service providers and builders in Taiwan hold pessimistic or conservative business outlooks for the coming six months, according to the latest readings by the Taiwan Institute of Economic Research Monday.

In its latest business outlook survey in July, the think-tank TIER said 22 percent of responding manufacturers expected better business in the coming six months, down 3.3 percentage points from the previous month, while 23.9 percent of respondents perceived a worse outlook, 5.5 percentage points higher than the previous month.

The manufacturing composite indicator for July 2019 moved up by 2.23 percentage points from June to 95.3 points. The benchmark of 100 points was set in 2006.

For the service sector, the TIER composite indicator for July weakened to 92.05 points, down 0.30 percentage points from the previous correction.

Meanwhile, the TIER construction sector composite indicator for July rose for the third consecutive month to 97.83 points, compared with 96.86 points in June.