Informations Rapides ·
23 February 2022 · n° 46
In February 2022, the business climate has rebounded strongly in services Monthly survey of services - February 2022
According to the business managers surveyed in February 2022, the business climate has rebounded strongly in services. At 112, the business climate indicator that synthesizes it has gained six points and stands well above its long-term average (100).
According to the business managers surveyed in February 2022, the business climate has rebounded strongly in services. At 112, the business climate indicator that synthesizes it has gained six points and stands well above its long-term average (100).
tableauBusiness climate composite indicator
| Business climate composite indicator | |
|---|---|
| 2022-02 | 111.9 |
| 2022-01 | 105.6 |
| 2021-12 | 107.3 |
| 2021-11 | 113.9 |
| 2021-10 | 112.7 |
| 2021-09 | 109.9 |
| 2021-08 | 108.5 |
| 2021-07 | 110.8 |
| 2021-06 | 111.7 |
| 2021-05 | 106.3 |
| 2021-04 | 91.5 |
| 2021-03 | 93.7 |
| 2021-02 | 88.4 |
| 2021-01 | 91.3 |
| 2020-12 | 89.9 |
| 2020-11 | 77.9 |
| 2020-10 | 88.7 |
| 2020-09 | 94.3 |
| 2020-08 | 93.5 |
| 2020-07 | 88.7 |
| 2020-06 | 77.9 |
| 2020-05 | 51.6 |
| 2020-04 | 41.7 |
| 2020-03 | 92.9 |
| 2020-02 | 106.0 |
| 2020-01 | 106.1 |
| 2019-12 | 106.5 |
| 2019-11 | 106.2 |
| 2019-10 | 105.7 |
| 2019-09 | 105.6 |
| 2019-08 | 105.0 |
| 2019-07 | 105.1 |
| 2019-06 | 105.7 |
| 2019-05 | 105.5 |
| 2019-04 | 105.5 |
| 2019-03 | 104.7 |
| 2019-02 | 103.7 |
| 2019-01 | 103.6 |
| 2018-12 | 102.1 |
| 2018-11 | 103.7 |
| 2018-10 | 103.2 |
| 2018-09 | 104.4 |
| 2018-08 | 104.0 |
| 2018-07 | 104.4 |
| 2018-06 | 104.5 |
| 2018-05 | 104.1 |
| 2018-04 | 105.8 |
| 2018-03 | 106.6 |
| 2018-02 | 106.5 |
| 2018-01 | 107.5 |
| 2017-12 | 108.4 |
| 2017-11 | 107.3 |
| 2017-10 | 106.6 |
| 2017-09 | 106.4 |
| 2017-08 | 106.0 |
| 2017-07 | 103.8 |
| 2017-06 | 103.4 |
| 2017-05 | 102.6 |
| 2017-04 | 103.2 |
| 2017-03 | 103.3 |
| 2017-02 | 102.9 |
| 2017-01 | 101.7 |
| 2016-12 | 103.5 |
| 2016-11 | 100.9 |
| 2016-10 | 100.8 |
| 2016-09 | 100.9 |
| 2016-08 | 100.3 |
| 2016-07 | 100.5 |
| 2016-06 | 99.3 |
| 2016-05 | 100.8 |
| 2016-04 | 98.6 |
| 2016-03 | 99.7 |
| 2016-02 | 100.1 |
| 2016-01 | 100.2 |
| 2015-12 | 97.3 |
| 2015-11 | 99.5 |
| 2015-10 | 99.7 |
| 2015-09 | 97.8 |
| 2015-08 | 98.8 |
| 2015-07 | 97.7 |
| 2015-06 | 97.1 |
| 2015-05 | 95.7 |
| 2015-04 | 94.3 |
| 2015-03 | 92.7 |
| 2015-02 | 91.9 |
| 2015-01 | 91.6 |
| 2014-12 | 91.8 |
| 2014-11 | 91.7 |
| 2014-10 | 91.8 |
| 2014-09 | 91.5 |
| 2014-08 | 92.1 |
| 2014-07 | 93.0 |
| 2014-06 | 92.7 |
| 2014-05 | 92.6 |
| 2014-04 | 93.7 |
| 2014-03 | 93.4 |
| 2014-02 | 92.5 |
| 2014-01 | 92.7 |
| 2013-12 | 91.4 |
| 2013-11 | 92.8 |
| 2013-10 | 92.1 |
| 2013-09 | 92.7 |
| 2013-08 | 89.1 |
| 2013-07 | 87.2 |
| 2013-06 | 86.8 |
| 2013-05 | 85.6 |
| 2013-04 | 84.2 |
| 2013-03 | 85.0 |
| 2013-02 | 87.8 |
| 2013-01 | 88.9 |
| 2012-12 | 87.9 |
| 2012-11 | 86.4 |
| 2012-10 | 87.0 |
| 2012-09 | 88.1 |
| 2012-08 | 88.3 |
| 2012-07 | 90.4 |
| 2012-06 | 90.8 |
| 2012-05 | 92.7 |
| 2012-04 | 96.2 |
| 2012-03 | 94.2 |
| 2012-02 | 92.9 |
| 2012-01 | 93.5 |
| 2011-12 | 95.4 |
| 2011-11 | 95.7 |
| 2011-10 | 97.8 |
| 2011-09 | 98.9 |
| 2011-08 | 101.0 |
| 2011-07 | 105.2 |
| 2011-06 | 107.2 |
| 2011-05 | 107.7 |
| 2011-04 | 109.0 |
| 2011-03 | 110.4 |
| 2011-02 | 109.2 |
| 2011-01 | 107.0 |
| 2010-12 | 106.8 |
| 2010-11 | 104.8 |
| 2010-10 | 103.0 |
| 2010-09 | 101.8 |
| 2010-08 | 100.8 |
| 2010-07 | 99.3 |
| 2010-06 | 98.5 |
| 2010-05 | 99.4 |
| 2010-04 | 97.8 |
| 2010-03 | 94.8 |
| 2010-02 | 94.5 |
| 2010-01 | 94.3 |
| 2009-12 | 93.0 |
| 2009-11 | 92.4 |
| 2009-10 | 91.1 |
| 2009-09 | 88.0 |
| 2009-08 | 84.9 |
| 2009-07 | 82.4 |
| 2009-06 | 78.9 |
| 2009-05 | 74.4 |
| 2009-04 | 70.5 |
| 2009-03 | 70.4 |
| 2009-02 | 75.4 |
| 2009-01 | 76.5 |
| 2008-12 | 79.0 |
| 2008-11 | 82.0 |
| 2008-10 | 86.0 |
| 2008-09 | 94.3 |
| 2008-08 | 96.2 |
| 2008-07 | 97.6 |
| 2008-06 | 101.8 |
| 2008-05 | 104.8 |
| 2008-04 | 107.2 |
| 2008-03 | 108.7 |
| 2008-02 | 108.6 |
| 2008-01 | 110.4 |
| 2007-12 | 109.1 |
| 2007-11 | 110.1 |
| 2007-10 | 110.0 |
| 2007-09 | 111.3 |
| 2007-08 | 112.1 |
| 2007-07 | 112.9 |
| 2007-06 | 112.3 |
| 2007-05 | 112.6 |
| 2007-04 | 112.8 |
| 2007-03 | 113.1 |
| 2007-02 | 112.1 |
| 2007-01 | 110.7 |
| 2006-12 | 111.3 |
| 2006-11 | 112.8 |
| 2006-10 | 110.7 |
| 2006-09 | 110.5 |
| 2006-08 | 110.3 |
| 2006-07 | 110.2 |
| 2006-06 | 109.1 |
| 2006-05 | 110.4 |
| 2006-04 | 107.8 |
| 2006-03 | 107.6 |
| 2006-02 | 106.3 |
| 2006-01 | 108.6 |
| 2005-12 | 106.8 |
| 2005-11 | 106.4 |
| 2005-10 | 108.5 |
| 2005-09 | 107.0 |
| 2005-08 | 107.4 |
| 2005-07 | 107.7 |
| 2005-06 | 108.3 |
| 2005-05 | 106.1 |
| 2005-04 | 108.0 |
| 2005-03 | 108.3 |
| 2005-02 | 106.3 |
| 2005-01 | 106.6 |
graphiqueBusiness climate composite indicator
- Source: INSEE
Business managers’ expectations have bounced back very sharply
In February 2022, the business managers are much more optimistic than in the previous months about their activity prospects. The balances of opinion on the general business outlook for the sector on expected activity and on expected demand have rebounded very sharply. These three balances remain well above their respective average. The balance on economic uncertainty has decreased quite markedly.
The balance of opinion on activity over the past three months has decreased but remains above its average.
Slightly fewer business managers than in the previous month have reported an increase in their sales prices over the last three months: the balance of opinion on the recent change in selling prices has decreased very slightly. The one on the expected change in selling prices is virtually stable, at its highest level since 1990.
tableauExpected prices in services
| Expected prices | |
|---|---|
| 2022-02 | 8.7 |
| 2022-01 | 8.0 |
| 2021-12 | 5.5 |
| 2021-11 | 6.6 |
| 2021-10 | 2.9 |
| 2021-09 | 1.8 |
| 2021-08 | 4.0 |
| 2021-07 | 5.2 |
| 2021-06 | 0.8 |
| 2021-05 | -0.6 |
| 2021-04 | -8.1 |
| 2021-03 | -8.0 |
| 2021-02 | -10.9 |
| 2021-01 | -9.4 |
| 2020-12 | -8.1 |
| 2020-11 | -12.7 |
| 2020-10 | -10.3 |
| 2020-09 | -4.8 |
| 2020-08 | -5.4 |
| 2020-07 | -7.0 |
| 2020-06 | -12.3 |
| 2020-05 | -22.6 |
| 2020-04 | -22.6 |
| 2020-03 | -3.7 |
| 2020-02 | 0.7 |
| 2020-01 | 0.3 |
| 2019-12 | 0.1 |
| 2019-11 | -0.2 |
| 2019-10 | 0.7 |
| 2019-09 | -2.2 |
| 2019-08 | -0.9 |
| 2019-07 | 1.7 |
| 2019-06 | 0.4 |
| 2019-05 | -1.9 |
| 2019-04 | -2.1 |
| 2019-03 | -1.3 |
| 2019-02 | -2.5 |
| 2019-01 | -2.2 |
| 2018-12 | -0.2 |
| 2018-11 | -2.4 |
| 2018-10 | -3.6 |
| 2018-09 | -2.8 |
| 2018-08 | -0.3 |
| 2018-07 | -5.3 |
| 2018-06 | -4.6 |
| 2018-05 | -2.3 |
| 2018-04 | -2.7 |
| 2018-03 | -3.5 |
| 2018-02 | -3.9 |
| 2018-01 | -2.5 |
| 2017-12 | -3.7 |
| 2017-11 | -2.6 |
| 2017-10 | -2.8 |
| 2017-09 | -2.8 |
| 2017-08 | -5.2 |
| 2017-07 | -5.7 |
| 2017-06 | -4.0 |
| 2017-05 | -5.3 |
| 2017-04 | -5.1 |
| 2017-03 | -3.8 |
| 2017-02 | -3.9 |
| 2017-01 | -6.5 |
| 2016-12 | -5.5 |
| 2016-11 | -7.7 |
| 2016-10 | -6.8 |
| 2016-09 | -4.8 |
| 2016-08 | -5.2 |
| 2016-07 | -4.7 |
| 2016-06 | -6.8 |
| 2016-05 | -6.2 |
| 2016-04 | -4.9 |
| 2016-03 | -5.1 |
| 2016-02 | -4.6 |
| 2016-01 | -8.5 |
| 2015-12 | -8.8 |
| 2015-11 | -5.8 |
| 2015-10 | -5.9 |
| 2015-09 | -7.5 |
| 2015-08 | -6.4 |
| 2015-07 | -6.9 |
| 2015-06 | -6.1 |
| 2015-05 | -6.2 |
| 2015-04 | -7.8 |
| 2015-03 | -9.8 |
| 2015-02 | -9.7 |
| 2015-01 | -11.4 |
| 2014-12 | -11.0 |
| 2014-11 | -10.3 |
| 2014-10 | -9.5 |
| 2014-09 | -10.6 |
| 2014-08 | -9.0 |
| 2014-07 | -9.2 |
| 2014-06 | -9.3 |
| 2014-05 | -9.9 |
| 2014-04 | -9.6 |
| 2014-03 | -10.8 |
| 2014-02 | -11.0 |
| 2014-01 | -8.4 |
| 2013-12 | -9.4 |
| 2013-11 | -8.4 |
| 2013-10 | -10.1 |
| 2013-09 | -10.4 |
| 2013-08 | -10.7 |
| 2013-07 | -12.3 |
| 2013-06 | -12.0 |
| 2013-05 | -12.2 |
| 2013-04 | -12.2 |
| 2013-03 | -12.0 |
| 2013-02 | -11.9 |
| 2013-01 | -9.8 |
| 2012-12 | -9.2 |
| 2012-11 | -9.5 |
| 2012-10 | -11.0 |
| 2012-09 | -7.6 |
| 2012-08 | -7.8 |
| 2012-07 | -4.3 |
| 2012-06 | -6.0 |
| 2012-05 | -5.6 |
| 2012-04 | -4.2 |
| 2012-03 | -0.7 |
| 2012-02 | -3.4 |
| 2012-01 | 0.5 |
| 2011-12 | -2.3 |
| 2011-11 | -4.3 |
| 2011-10 | -3.0 |
| 2011-09 | -1.6 |
| 2011-08 | -1.5 |
| 2011-07 | -0.3 |
| 2011-06 | 0.5 |
| 2011-05 | 5.1 |
| 2011-04 | 2.4 |
| 2011-03 | 3.5 |
| 2011-02 | 3.3 |
| 2011-01 | -0.1 |
| 2010-12 | 0.0 |
| 2010-11 | -1.1 |
| 2010-10 | -0.9 |
| 2010-09 | -3.1 |
| 2010-08 | -3.8 |
| 2010-07 | -7.7 |
| 2010-06 | -5.4 |
| 2010-05 | -5.7 |
| 2010-04 | -7.8 |
| 2010-03 | -7.5 |
| 2010-02 | -9.0 |
| 2010-01 | -8.5 |
| 2009-12 | -10.1 |
| 2009-11 | -10.1 |
| 2009-10 | -9.4 |
| 2009-09 | -12.4 |
| 2009-08 | -14.4 |
| 2009-07 | -18.5 |
| 2009-06 | -15.4 |
| 2009-05 | -17.8 |
| 2009-04 | -17.7 |
| 2009-03 | -17.1 |
| 2009-02 | -13.1 |
| 2009-01 | -13.1 |
| 2008-12 | -13.8 |
| 2008-11 | -9.6 |
| 2008-10 | -2.7 |
| 2008-09 | 0.3 |
| 2008-08 | 1.5 |
| 2008-07 | 3.4 |
| 2008-06 | 3.3 |
| 2008-05 | 3.4 |
| 2008-04 | 3.9 |
| 2008-03 | 2.6 |
| 2008-02 | 2.1 |
| 2008-01 | 2.2 |
| 2007-12 | 3.0 |
| 2007-11 | 2.8 |
| 2007-10 | 1.3 |
| 2007-09 | 2.3 |
| 2007-08 | 3.2 |
| 2007-07 | 3.4 |
| 2007-06 | 2.1 |
| 2007-05 | 2.9 |
| 2007-04 | 2.2 |
| 2007-03 | 1.5 |
| 2007-02 | 1.1 |
| 2007-01 | 1.8 |
graphiqueExpected prices in services
- Source: INSEE
About employment, the balance of opinion on the change in the workforce size over the last three months has decreased but remains well above its average level. Conversely, the balance on the expected workforce size has increased sharply and has further exceeded its long-term average.
tableauEconomic outlook in the services sector
| Average* | Nov. 2021 | Dec. 2021 | Jan. 2022 | Feb. 2022 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 114 | 107 | 106 | 112 |
| General outlook | -7 | 12 | 4 | -1 | 8 |
| Past activity | 2 | 17 | 15 | 13 | 10 |
| Expected activity | 1 | 12 | 3 | 3 | 11 |
| Expected demand | -1 | 13 | 5 | 2 | 12 |
| Past selling prices | -4 | 9 | 6 | 6 | 5 |
| Expected selling prices | -3 | 7 | 6 | 8 | 9 |
| Past employment | 2 | 10 | 16 | 19 | 12 |
| except temporary work agencies | 0 | 10 | 9 | 5 | 4 |
| Expected employment | 2 | 11 | 4 | 4 | 9 |
| except temporary work agencies | -1 | 9 | 3 | 4 | 11 |
| Economic uncertainty felt** | 14 | 9 | 11 | 13 | 8 |
- * Average since 1989 for the composite indicator and since 1988 for the balances of opinion, except general outlook (June 2000) and uncertainty (April 2021)
- ** Balance of opinion not seasonally adjusted
- Source: INSEE, monthly business survey in services.
The business climate has improved in all services sub-sectors
In February 2022, the business climate has improved in all services sub-sectors.
The business climate indicator has increased very strongly in accommodation and food services: standing at 112, it has returned well above its long-term average. This sharp rise is mainly due to the strong increase in the forward-looking balances on activity, demand and the general outlook.
In administrative and support services, the business climate indicator has also improved very sharply and has moved away from its average. In particular, the balance of opinion on expected demand has increased very sharply, offsetting the decline in balances on past activity and past employment.
In road freight transport, the business climate has also improved and therefore stands far above its average level. The balance on expected activity has advanced strongly in this sub-sector.
To a lesser extent, the business climate has also improved in real estate activities, in professional, scientific and technical activities and in information-communication, especially due to the increase in the balance on the general outlook. Therefore, the business climate remains above its long-term average in these three sub-sectors.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Mean* | Nov. 2021 | Dec. 2021 | Jan. 2022 | Feb. 2022 |
|---|---|---|---|---|---|
| Road freight transport (8 %) | |||||
| Composite indicator | 100 | 114 | 113 | 107 | 111 |
| Past activity | -5 | 6 | 13 | 17 | 16 |
| Expected activity | -6 | 14 | 11 | -4 | 8 |
| Expected demand | -8 | 13 | 14 | 3 | 8 |
| Past employment | -5 | 2 | 4 | 18 | 10 |
| Expected employment | -7 | 23 | 7 | -2 | 3 |
| General outlook | -18 | 9 | 8 | -3 | 3 |
| Accommodation and food service activities (11 %) | |||||
| Composite indicator | 100 | 116 | 99 | 90 | 112 |
| Past activity | -8 | 37 | 27 | 6 | -4 |
| Expected activity | -8 | 6 | -19 | -30 | 5 |
| Expected demand | -10 | 12 | -14 | -31 | 13 |
| Past employment | -5 | 14 | 7 | 6 | 2 |
| Expected employment | -6 | 5 | -2 | 0 | 6 |
| General outlook | -14 | 7 | -22 | -38 | 3 |
| Information and communication (26 %) | |||||
| Composite indicator | 100 | 110 | 109 | 108 | 109 |
| Past activity | 7 | 20 | 14 | 12 | 6 |
| Expected activity | 9 | 13 | 11 | 15 | 18 |
| Expected demand | 9 | 17 | 15 | 21 | 23 |
| Past employment | 6 | 18 | 23 | 19 | 12 |
| Expected employment | 10 | 20 | 20 | 17 | 19 |
| General outlook | 0 | 15 | 12 | 7 | 13 |
| Real estate activities (11 %) | |||||
| Composite indicator | 100 | 108 | 102 | 106 | 109 |
| Past activity | 6 | 12 | 3 | 9 | 11 |
| Expected activity | 6 | 6 | 5 | 7 | 10 |
| Expected demand | 1 | 5 | 2 | 2 | 5 |
| Past employment | 3 | 17 | 11 | 12 | 9 |
| Expected employment | 3 | 4 | 4 | 8 | 8 |
| General outlook | -4 | 3 | -2 | -2 | 1 |
| Professionnel, scientific and technical activities (24 %) | |||||
| Composite indicator | 100 | 114 | 108 | 110 | 111 |
| Past activity | -1 | 11 | 9 | 7 | 7 |
| Expected activity | -2 | 11 | 3 | 5 | 8 |
| Expected demand | -5 | 7 | 3 | 5 | 6 |
| Past employment | 0 | 8 | -3 | 4 | 3 |
| Expected employment | 0 | 6 | 2 | 3 | 15 |
| General outlook | -8 | 13 | 6 | 4 | 8 |
| Administrative and support service activities (18 %) | |||||
| Composite indicator | 100 | 112 | 104 | 102 | 112 |
| Past activity | 5 | 22 | 28 | 29 | 19 |
| Expected activity | 5 | 17 | 2 | 5 | 17 |
| Expected demand | 3 | 16 | 5 | -4 | 18 |
| Past employment | 8 | 7 | 35 | 41 | 29 |
| Expected employment | 7 | 16 | 5 | 1 | 5 |
| General outlook | -4 | 15 | 4 | -2 | 15 |
- The figures in parentheses indicate the weights used to aggregate the sub-sector balances of opinion.
- *Composite indicator: average since 1989 (2006 for road transport); balances of opinion: average since 1988, except general outlook since June 2000 (2006 for road transport)
- Source: INSEE, monthly business survey in services.
The business climate indicator in services of January 2022 has been revised upwards by one point. This revision is mainly due to the inclusion of late responses from businesses.
For further information
For the three-modality questions, a balance of opinion is calculated as the difference between the percentage of “increase” responses and the percentage of “decrease” responses.
Since the definitive data of April 2020, the way of correcting mode of non-response has been modified. The usual method was to fill in missing answers by carrying on past answers from non-responding companies. The results are now computed on the sole basis of responding companies.
The responses to this survey were collected between 27 January and 18 February 2022.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 24 March 2022 at 8:45 am
Documentation
Changes to business tendency surveys – October 2021 (pdf,181 Ko)
Abbreviated methodology (in French) (pdf,193 Ko)
Pour en savoir plus
For the three-modality questions, a balance of opinion is calculated as the difference between the percentage of “increase” responses and the percentage of “decrease” responses.
Since the definitive data of April 2020, the way of correcting mode of non-response has been modified. The usual method was to fill in missing answers by carrying on past answers from non-responding companies. The results are now computed on the sole basis of responding companies.
The responses to this survey were collected between 27 January and 18 February 2022.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 24 March 2022 at 8:45 am