Informations rapides
27 August 2019
2019- n° 215
In August 2019, the business climate has slightly recovered in the manufacturing industry Monthly business survey (goods-producing industries) - August 2019

According to the business managers surveyed in August 2019, the business climate in industry has slightly improved. The composite indicator has increased by one point. At 102, it is above its average (100).

Informations rapides
No 215
Paru le :Paru le27/08/2019
Prochaine parution le : 19/09/2025 at 08:45 - September 2025
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In the publication of August 2019, the weights used to aggregate the responses of the business managers have been updated. As a result, the set of results previously published from this survey is subject to slight

revisions.

According to the business managers surveyed in August 2019, the business climate in industry has slightly improved. The composite indicator has increased by one point. At 102, it is above its average (100).

Business climate in manufacturing - Composite indicator

Business climate in manufacturing - Composite indicator
Business climate in manufacturing - Composite indicator
1998-01 112.6
1998-02 113.2
1998-03 117.1
1998-04 115.2
1998-05 114.9
1998-06 115.2
1998-07 113.9
1998-08 112.9
1998-09 112.0
1998-10 106.8
1998-11 103.9
1998-12 102.2
1999-01 101.6
1999-02 101.9
1999-03 96.8
1999-04 98.3
1999-05 100.6
1999-06 99.5
1999-07 105.9
1999-08 109.0
1999-09 111.9
1999-10 113.3
1999-11 116.5
1999-12 114.3
2000-01 115.7
2000-02 117.7
2000-03 119.9
2000-04 119.9
2000-05 121.3
2000-06 124.2
2000-07 121.3
2000-08 121.4
2000-09 121.2
2000-10 120.0
2000-11 118.1
2000-12 114.2
2001-01 113.0
2001-02 113.0
2001-03 111.6
2001-04 107.3
2001-05 105.7
2001-06 104.1
2001-07 101.5
2001-08 98.6
2001-09 95.3
2001-10 94.9
2001-11 90.8
2001-12 92.3
2002-01 93.3
2002-02 95.0
2002-03 96.9
2002-04 98.4
2002-05 102.1
2002-06 100.3
2002-07 97.3
2002-08 98.0
2002-09 98.9
2002-10 95.7
2002-11 96.3
2002-12 100.9
2003-01 97.6
2003-02 97.3
2003-03 92.8
2003-04 91.7
2003-05 91.5
2003-06 89.8
2003-07 92.5
2003-08 92.4
2003-09 92.6
2003-10 95.5
2003-11 99.9
2003-12 100.5
2004-01 100.2
2004-02 100.3
2004-03 103.5
2004-04 103.3
2004-05 104.6
2004-06 105.3
2004-07 105.1
2004-08 105.2
2004-09 105.2
2004-10 105.0
2004-11 103.0
2004-12 103.2
2005-01 103.2
2005-02 103.0
2005-03 99.6
2005-04 96.5
2005-05 97.0
2005-06 98.9
2005-07 100.1
2005-08 99.6
2005-09 98.9
2005-10 101.0
2005-11 100.9
2005-12 104.0
2006-01 103.0
2006-02 106.5
2006-03 106.3
2006-04 107.9
2006-05 108.8
2006-06 108.6
2006-07 108.9
2006-08 108.4
2006-09 108.0
2006-10 107.2
2006-11 109.6
2006-12 109.2
2007-01 108.2
2007-02 111.7
2007-03 111.3
2007-04 112.0
2007-05 110.0
2007-06 111.1
2007-07 111.5
2007-08 110.9
2007-09 110.6
2007-10 109.9
2007-11 112.2
2007-12 112.5
2008-01 110.5
2008-02 110.3
2008-03 109.9
2008-04 107.4
2008-05 104.1
2008-06 103.4
2008-07 98.7
2008-08 97.9
2008-09 91.5
2008-10 86.9
2008-11 79.6
2008-12 73.1
2009-01 72.2
2009-02 68.1
2009-03 66.2
2009-04 70.2
2009-05 72.0
2009-06 74.7
2009-07 76.1
2009-08 80.7
2009-09 83.8
2009-10 85.0
2009-11 87.4
2009-12 87.3
2010-01 90.0
2010-02 88.5
2010-03 91.0
2010-04 95.0
2010-05 96.5
2010-06 95.6
2010-07 97.1
2010-08 100.4
2010-09 102.9
2010-10 104.1
2010-11 101.7
2010-12 104.2
2011-01 108.7
2011-02 106.9
2011-03 110.1
2011-04 110.1
2011-05 107.1
2011-06 109.9
2011-07 104.8
2011-08 101.2
2011-09 99.1
2011-10 97.3
2011-11 97.5
2011-12 94.6
2012-01 94.9
2012-02 94.8
2012-03 96.3
2012-04 95.5
2012-05 94.7
2012-06 93.0
2012-07 91.0
2012-08 92.8
2012-09 92.6
2012-10 86.9
2012-11 91.6
2012-12 90.8
2013-01 89.6
2013-02 90.4
2013-03 90.4
2013-04 87.6
2013-05 92.0
2013-06 92.6
2013-07 94.6
2013-08 98.5
2013-09 95.8
2013-10 97.8
2013-11 98.0
2013-12 99.2
2014-01 99.5
2014-02 98.2
2014-03 100.8
2014-04 100.2
2014-05 98.3
2014-06 96.5
2014-07 96.2
2014-08 96.6
2014-09 96.8
2014-10 97.4
2014-11 98.8
2014-12 98.6
2015-01 98.7
2015-02 98.4
2015-03 98.9
2015-04 101.5
2015-05 101.8
2015-06 100.2
2015-07 101.5
2015-08 103.6
2015-09 104.7
2015-10 103.1
2015-11 102.2
2015-12 102.4
2016-01 102.6
2016-02 103.0
2016-03 102.5
2016-04 104.7
2016-05 104.4
2016-06 101.4
2016-07 101.6
2016-08 101.6
2016-09 103.3
2016-10 102.0
2016-11 102.0
2016-12 105.5
2017-01 105.8
2017-02 106.7
2017-03 105.6
2017-04 108.7
2017-05 108.8
2017-06 108.9
2017-07 108.1
2017-08 110.2
2017-09 110.8
2017-10 111.0
2017-11 111.4
2017-12 111.4
2018-01 113.5
2018-02 112.4
2018-03 110.6
2018-04 110.7
2018-05 109.9
2018-06 109.5
2018-07 108.5
2018-08 109.1
2018-09 107.1
2018-10 104.1
2018-11 104.9
2018-12 102.9
2019-01 103.0
2019-02 103.3
2019-03 103.6
2019-04 101.6
2019-05 103.9
2019-06 101.7
2019-07 101.4
2019-08 102.0

Business climate in manufacturing - Composite indicator

  • Source: INSEE.

Industrialists’ opinion on manufacturing activity

Balance of opinion, in %, SA
Industrialists’ opinion on manufacturing activity (Balance of opinion, in %, SA)
Ave.* May 19 Jun. 19 Jul. 19 Aug. 19
Manufacturing industry
Composite indicator 100 104 102 101 102
Past activity 5 3 8 8 5
Finished-goods inventory 12 9 9 15 13
Overall order books -18 -9 -13 -16 -14
Export order books -14 -9 -17 -14 -11
Past workforce size -9 2 1 1 0
Expected workforce size -11 0 -1 -2 -1
Personal production expectations 5 12 6 7 8
General production expectations -8 3 2 0 2
  • * Long-term average since 1976.
  • Source: INSEE - Monthly business tendency survey in industry

The balances of opinion on order books have improved

In August 2019, the balance of opinion on overall order books has rebounded after having reached its lowest level for four years in July. It has gained two points and has moved further away from its long-term average. The balance of opinion on export books has risen for the second consecutive month after having reaching a five-year low point in June. It has increased by three points and returned above its long-term average.

The industrialists are more optimistic than in the previous month on the general production prospects for the sector as a whole: the corresponding balance of opinion has rebounded by two points, well above its long-term average. The balance of opinion on their personal production expectations has again slightly improved and stands above its long-term average. However, the balance of opinion on past activity has lost three points and has returned to its long-term average.

The turning-point indicator has moved to the area indicating a favourable economic outlook.

Turning-point indicator

Turning-point indicator
Turning-point indicator
2010-01 0.13
2010-02 -0.57
2010-03 -0.09
2010-04 0.22
2010-05 0.2
2010-06 0.08
2010-07 0.12
2010-08 0.57
2010-09 0.86
2010-10 0.92
2010-11 -0.39
2010-12 0.72
2011-01 0.96
2011-02 0.75
2011-03 0.82
2011-04 0.68
2011-05 0.44
2011-06 0.61
2011-07 -0.62
2011-08 -0.97
2011-09 -0.97
2011-10 -0.84
2011-11 -0.62
2011-12 -0.86
2012-01 -0.91
2012-02 -0.68
2012-03 0.07
2012-04 -0.23
2012-05 -0.24
2012-06 -0.9
2012-07 -0.88
2012-08 0.35
2012-09 0.26
2012-10 -0.77
2012-11 0.51
2012-12 0.13
2013-01 0.03
2013-02 -0.03
2013-03 -0.23
2013-04 -0.91
2013-05 0.0
2013-06 0.56
2013-07 0.87
2013-08 0.95
2013-09 0.83
2013-10 0.79
2013-11 0.26
2013-12 0.88
2014-01 0.95
2014-02 0.74
2014-03 0.95
2014-04 0.78
2014-05 0.62
2014-06 0.37
2014-07 0.46
2014-08 0.43
2014-09 0.58
2014-10 0.41
2014-11 0.78
2014-12 0.66
2015-01 0.6
2015-02 0.52
2015-03 0.81
2015-04 0.79
2015-05 0.6
2015-06 0.57
2015-07 0.84
2015-08 0.94
2015-09 0.82
2015-10 0.09
2015-11 0.03
2015-12 0.2
2016-01 0.7
2016-02 0.6
2016-03 0.56
2016-04 0.61
2016-05 0.43
2016-06 -0.09
2016-07 -0.03
2016-08 0.0
2016-09 0.28
2016-10 0.26
2016-11 0.34
2016-12 0.76
2017-01 0.65
2017-02 0.72
2017-03 -0.54
2017-04 0.23
2017-05 0.36
2017-06 0.36
2017-07 0.47
2017-08 0.53
2017-09 0.84
2017-10 0.81
2017-11 0.71
2017-12 0.83
2018-01 0.97
2018-02 0.79
2018-03 0.05
2018-04 0.42
2018-05 -0.17
2018-06 -0.01
2018-07 -0.11
2018-08 0.13
2018-09 0.14
2018-10 0.06
2018-11 0.27
2018-12 -0.3
2019-01 0.37
2019-02 0.48
2019-03 0.5
2019-04 -0.1
2019-05 0.79
2019-06 0.14
2019-07 0.27
2019-08 0.73

Turning-point indicator

  • How to read it: close to 1, the indicator points to a favourable short-term economic situation (-1 is unfavourable). The uncertainty area is between −0.3 and +0.3.
  • Source: INSEE.

The business climate has sharply rebounded in the agrofood industry

The business climate indicator in the manufacture of food products and beverages has rebounded by four points after a drop of similar magnitude in July. At 108, it has thus returned to the level reached in June. This improvement mainly comes from the strong rebound in the balances on overall and export order books.

The business climate has deteriorated in the manufacture of machinery and equipment goods

In the overall manufacture of machinery and equipment goods, the business climate has lost two points. At 101, it stands merely above its long-term average. This deterioration is mainly due to the decrease in order book balances.

In the manufacture of computer, electronic and optical products, the business climate has sharply deteriorated after a significant improvement in July. However, it remains above its long-term average. It has slightly worsened in the electrical equipment branch and in the machinery and equipment,where it stands below its long-term average.

In the manufacture of transport equipment, the business climate is stable

In the manufacture of transport equipment, the business climate indicator remains at 99, just below its long-term average (100).

The climate indicator has slightly improved in the automotive industry, after having reached its lowest level since May 2013 in July. The significant drop in the balance of opinion on past production is offset by the increase in the balances on export order books and on personal production expectations.

In the manufacture of other transport equipment, the business climate is stable above its average.

The business climate has slightly improved in « other manufacturing »

The business climate in the overall « other manufacturing » industry has slightly improved: the corresponding balance has increased by one point, to 102, above its long-term average.

By subsector, the business climate indicator has increased in basic metals, in chemicals and in wood-paper-printing. Conversely, it has decreased inrubber and plastic industry and in clothing-textiles. It is stable in the « other manufacturing industries ». It stands above its long-term average in most of the subsectors, except in chemicals and in basic metals.

Business climates in a sector-based approach

Business climates in a sector-based approach
(C1) (C3) (C4) (C5)
2011-01 109.4 105.0 105.0 105.0
2011-02 107.6 103.1 99.5 108.2
2011-03 106.7 107.4 106.0 109.5
2011-04 108.8 105.4 105.6 109.8
2011-05 109.5 104.0 105.0 107.4
2011-06 108.6 105.1 109.3 108.7
2011-07 111.0 103.1 103.7 104.7
2011-08 103.5 101.1 101.6 100.1
2011-09 101.9 100.0 98.6 97.9
2011-10 104.3 98.6 100.0 96.1
2011-11 102.2 96.2 102.0 93.9
2011-12 98.1 96.6 99.9 94.3
2012-01 99.8 96.4 94.7 93.9
2012-02 100.4 96.3 93.4 95.7
2012-03 102.1 96.9 102.7 97.0
2012-04 99.1 96.4 93.8 97.7
2012-05 93.6 95.0 94.7 95.7
2012-06 94.9 91.3 95.4 93.4
2012-07 94.8 91.0 94.9 92.1
2012-08 93.8 90.6 95.0 93.3
2012-09 96.7 91.3 96.8 93.4
2012-10 91.2 86.1 95.4 89.2
2012-11 98.4 87.5 92.5 92.1
2012-12 98.9 87.9 92.1 91.7
2013-01 97.7 88.0 92.2 91.0
2013-02 98.1 89.0 94.1 90.1
2013-03 94.1 89.2 93.6 91.0
2013-04 91.9 90.0 92.6 89.1
2013-05 91.8 90.0 94.6 91.6
2013-06 92.7 89.5 94.6 93.1
2013-07 92.3 90.0 98.6 94.8
2013-08 95.4 92.1 101.2 97.0
2013-09 95.0 90.5 97.4 97.0
2013-10 95.6 90.8 103.5 97.6
2013-11 98.2 93.1 101.8 98.5
2013-12 98.7 92.2 99.8 99.0
2014-01 99.6 91.7 102.3 98.4
2014-02 99.2 94.3 97.8 98.1
2014-03 99.9 93.1 100.5 102.2
2014-04 95.8 92.8 102.6 99.9
2014-05 98.0 94.1 98.1 99.2
2014-06 96.0 92.2 97.9 98.4
2014-07 97.1 89.7 99.1 98.8
2014-08 95.3 93.8 97.6 100.3
2014-09 94.4 92.6 100.6 97.0
2014-10 95.8 92.9 97.1 98.3
2014-11 96.4 92.5 99.9 99.6
2014-12 99.1 92.5 99.6 99.9
2015-01 103.2 93.9 101.5 99.4
2015-02 99.5 95.5 100.9 100.0
2015-03 100.8 94.5 105.1 99.8
2015-04 104.5 97.0 106.9 100.4
2015-05 102.3 97.5 104.8 101.3
2015-06 105.2 97.6 105.0 100.7
2015-07 108.7 98.8 104.7 102.6
2015-08 103.5 97.9 107.7 101.4
2015-09 105.5 96.6 108.9 102.3
2015-10 104.3 98.6 107.6 99.6
2015-11 102.2 100.1 107.6 99.2
2015-12 99.8 98.5 107.6 101.4
2016-01 101.8 101.1 107.9 99.1
2016-02 100.2 101.1 108.8 99.7
2016-03 101.8 99.7 105.7 100.8
2016-04 105.6 100.7 109.0 101.0
2016-05 103.5 98.0 105.9 103.6
2016-06 103.2 97.7 105.7 101.3
2016-07 104.5 98.2 105.0 101.5
2016-08 99.5 98.6 103.7 101.3
2016-09 108.5 98.9 105.0 100.3
2016-10 106.5 97.9 105.6 100.9
2016-11 107.7 100.2 102.2 101.1
2016-12 108.2 104.0 104.3 104.4
2017-01 104.1 102.9 106.5 105.0
2017-02 105.6 104.3 106.2 106.1
2017-03 104.6 105.3 105.4 104.6
2017-04 103.8 107.7 105.9 107.7
2017-05 106.1 109.3 105.4 107.1
2017-06 111.8 108.8 105.0 108.3
2017-07 108.8 109.4 108.2 106.7
2017-08 109.1 107.1 108.4 108.3
2017-09 106.9 107.7 109.2 108.3
2017-10 111.1 109.9 108.4 110.0
2017-11 112.2 110.0 109.1 110.8
2017-12 110.7 111.5 110.1 110.1
2018-01 111.3 113.1 111.9 110.6
2018-02 110.3 111.2 112.1 109.9
2018-03 109.6 110.5 111.4 109.2
2018-04 109.7 110.6 112.6 107.6
2018-05 108.1 111.5 108.0 107.7
2018-06 110.0 108.3 109.7 105.6
2018-07 108.0 108.6 105.9 106.5
2018-08 108.2 108.4 106.5 105.8
2018-09 106.8 107.6 104.9 104.7
2018-10 102.5 107.2 103.5 102.3
2018-11 108.7 102.2 103.9 102.4
2018-12 107.3 102.4 102.0 101.8
2019-01 107.6 103.8 102.2 101.6
2019-02 108.7 105.0 100.4 101.1
2019-03 107.6 101.1 102.6 101.3
2019-04 107.2 101.7 101.1 100.8
2019-05 111.9 104.2 102.3 102.2
2019-06 108.1 99.1 100.4 100.7
2019-07 104.4 103.3 99.0 100.6
2019-08 107.8 100.7 99.4 101.7

Business climates in a sector-based approach

  • Legend: (C1): Manufacture of food products and beverages - (C3): Machinery and equipment goods - (C4): Manufacture of transport equipment - (C5): Other manufacturing
  • Source: INSEE.

Business climates in a sector-based approach

Average = 100 and standard deviation = 10 since 1990
Business climates in a sector-based approach (Average = 100 and standard deviation = 10 since 1990)
NA* : (A17) et [A38 et A64] Weights** (%) Jun. 19 Jul. 19 Aug. 19
(C1) Man. of food products and beverages 21 108 104 108
(C3) Machinery and equipment goods 11 99 103 101
[CI] Computer, electronic and optical products 3 99 113 108
[CJ] Electrical equipment 3 100 99 98
[CK] Machinery and equipment 5 99 99 98
(C4) Man. of transport equipment 18 100 99 99
[CL1] Motor vehicles, trailers and semi-trailers 8 96 90 91
[CL2] Other transport equipment 10 104 106 106
(C5) Other manufacturing 46 101 101 102
[CB] Textiles, clothing industries, leather and footwear industry 2 114 115 113
[CC] Wood, paper, printing 5 96 101 102
[CE] Chemicals and chemical products 8 93 94 96
[CG] Rubber and plastic products 7 106 102 101
[CH] Basic metals and fabricated metal products 11 97 97 99
[CM] Other manufacturing industries 10 109 109 109
  • * NA: aggregated classification, based on the French classification of activities NAF rév.2.
  • ** Weights used to aggregate sub-sector's balances of opinion.
  • Source: INSEE - Monthly business tendency survey in industry

For further information

A balance of opinion is calculated as the difference between the percentage of « increase » responses and the percentage of « decrease » responses.

Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the « Documentation » tab of this page.

Next issue: 24 September 2019 at 8h45

Documentation

Methodology (pdf,133 Ko)

Monthly outlook survey in industry

Aggregated classification - NA, 2008

Pour en savoir plus

A balance of opinion is calculated as the difference between the percentage of « increase » responses and the percentage of « decrease » responses.

Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the « Documentation » tab of this page.

Next issue: 24 September 2019 at 8h45

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