Informations Rapides · 23 February 2022 · n° 47
In February 2022, the French business climate has bounced back sharply and the employment climate has improved again Business indicator - February 2022

In February 2022, the business climate has bounced back sharply. The indicator that synthesizes it, calculated from the responses of business managers from the main market sectors of activity, has gained five points. At 112, it remains clearly above its long-term average (100). This improvement in the business climate results mainly from the rebound of the general outlook in services.

Informations rapides

N^o 47

Paru le :Paru le23/02/2022

Prochaine parution le : 19/09/2025 at 08:45 - September 2025

Imprimer

Découvrir la collection

Données

(xls, 164 Ko)

Consult
Documentation

Consultation de la publication ou de la documentation qui lui est associée

Sommaire

In February 2022, the business climate in France has rebounded markedly
The employment climate has kept improving
Revisions
For further information

In February 2022, the business climate in France has rebounded markedly

Graphique
Tableau

Affichage de l’onglet contenant le tableau ou de l’onglet contenant le graphique

tableauFrench business climate composite indicator

French business climate composite indicator
	French business climate composite indicator
2022-02	112.3
2022-01	107.2
2021-12	109.1
2021-11	113.3
2021-10	112.3
2021-09	110.4
2021-08	109.8
2021-07	112.0
2021-06	113.4
2021-05	109.1
2021-04	95.5
2021-03	97.4
2021-02	90.8
2021-01	93.3
2020-12	92.3
2020-11	78.2
2020-10	89.9
2020-09	93.1
2020-08	93.5
2020-07	90.0
2020-06	83.7
2020-05	59.5
2020-04	47.8
2020-03	93.8
2020-02	105.6
2020-01	105.7
2019-12	105.8
2019-11	106.1
2019-10	105.9
2019-09	106.1
2019-08	105.3
2019-07	105.4
2019-06	105.9
2019-05	106.2
2019-04	106.2
2019-03	105.5
2019-02	104.2
2019-01	103.7
2018-12	103.2
2018-11	106.3
2018-10	105.8
2018-09	106.8
2018-08	107.4
2018-07	108.0
2018-06	108.4
2018-05	108.7
2018-04	110.5
2018-03	111.1
2018-02	111.3
2018-01	112.2
2017-12	112.6
2017-11	111.5
2017-10	110.4
2017-09	110.5
2017-08	110.3
2017-07	109.6
2017-06	108.5
2017-05	107.4
2017-04	107.0
2017-03	106.5
2017-02	106.7
2017-01	106.0
2016-12	106.0
2016-11	103.7
2016-10	103.8
2016-09	103.5
2016-08	103.5
2016-07	103.8
2016-06	102.8
2016-05	104.1
2016-04	102.3
2016-03	102.7
2016-02	102.8
2016-01	103.8
2015-12	101.5
2015-11	102.7
2015-10	102.8
2015-09	101.9
2015-08	102.6
2015-07	100.9
2015-06	100.4
2015-05	99.2
2015-04	98.1
2015-03	96.8
2015-02	95.7
2015-01	94.7
2014-12	94.0
2014-11	93.7
2014-10	91.9
2014-09	91.9
2014-08	92.9
2014-07	94.3
2014-06	94.9
2014-05	95.6
2014-04	96.1
2014-03	96.1
2014-02	95.0
2014-01	95.4
2013-12	94.2
2013-11	94.7
2013-10	95.4
2013-09	95.5
2013-08	91.9
2013-07	88.7
2013-06	87.0
2013-05	85.7
2013-04	84.7
2013-03	86.1
2013-02	88.2
2013-01	88.2
2012-12	88.7
2012-11	88.0
2012-10	86.8
2012-09	88.5
2012-08	90.0
2012-07	90.9
2012-06	92.1
2012-05	93.3
2012-04	97.5
2012-03	95.9
2012-02	93.5
2012-01	93.6
2011-12	94.9
2011-11	95.8
2011-10	97.8
2011-09	98.8
2011-08	101.5
2011-07	106.3
2011-06	107.6
2011-05	107.9
2011-04	108.6
2011-03	109.3
2011-02	108.7
2011-01	107.5
2010-12	106.5
2010-11	104.9
2010-10	104.2
2010-09	102.3
2010-08	100.3
2010-07	98.3
2010-06	96.4
2010-05	96.8
2010-04	95.5
2010-03	91.8
2010-02	92.4
2010-01	91.8
2009-12	90.3
2009-11	90.0
2009-10	88.4
2009-09	85.7
2009-08	82.9
2009-07	79.8
2009-06	77.8
2009-05	74.5
2009-04	71.8
2009-03	70.0
2009-02	74.1
2009-01	75.7
2008-12	77.4
2008-11	80.1
2008-10	84.0
2008-09	92.9
2008-08	95.4
2008-07	96.9
2008-06	100.3
2008-05	103.4
2008-04	106.1
2008-03	108.2
2008-02	108.2
2008-01	109.3
2007-12	109.9
2007-11	110.1
2007-10	109.6
2007-09	111.0
2007-08	111.6
2007-07	112.5
2007-06	113.4
2007-05	112.5
2007-04	112.3
2007-03	111.7
2007-02	111.3
2007-01	109.6
2006-12	109.6
2006-11	111.0
2006-10	109.4
2006-09	109.3
2006-08	108.7
2006-07	108.2
2006-06	106.2
2006-05	106.6
2006-04	104.7
2006-03	104.2
2006-02	103.9
2006-01	106.2
2005-12	104.9
2005-11	103.3
2005-10	103.8
2005-09	100.9
2005-08	101.5
2005-07	101.6
2005-06	101.9
2005-05	100.9
2005-04	103.4
2005-03	104.2
2005-02	104.1
2005-01	103.8

graphiqueFrench business climate composite indicator

In the services sector, the business climate has strongly bounced back. This improvement is mainly linked to the optimism of business managers regarding the general business prospects for the sector as well as their own activity for the next three months.

In retail trade, the business climate has also rebounded, mainly driven by the rebound of the general business outlook. The balance of opinion concerning expected prices has reached an all-time high.

In building construction, the business climate has improved a little: business managers of the sector are more confident about their activity for the three months to come. Supply constraints remain strong, even though supplying difficulties have somewhat receded.

Finally, in manufacturing, the business climate remains at a high level but has weakened a little, resulting from the decline in the balances of opinion regarding past activity and foreign order books.

tableauBusiness and employment climates

Business and employment climates
	Oct. 21	Nov. 21	Dec. 21	Jan. 22	Feb. 22
Business climates
France	112	113	109	107	112
Manufacturing	107	109	110	113	112
Building construction	112	114	115	113	114
Services	113	114	107	106	112
Retail trade	106	108	107	105	107
Wholesale trade	-	114	-	113	-

Employment	110	112	110	111	113

Source: INSEE, Business tendency surveys

The employment climate has kept improving

The employment climate has increased in February. The indicator has gained two points to reach 113, which is a level not seen since April 2008. The increase is explained by the rebound in the balance of opinion concerning expected employment in services excluding temporary work agencies, partially offset by the decline in the balances related to past change in employment in this same sector and the sector of temporary work agencies.

Graphique
Tableau

Affichage de l’onglet contenant le tableau ou de l’onglet contenant le graphique

tableauFrench employment climate composite indicator

French employment climate composite indicator
	French employment climate composite indicator
2022-02	112.9
2022-01	110.8
2021-12	109.8
2021-11	112.3
2021-10	110.3
2021-09	105.6
2021-08	107.6
2021-07	107.4
2021-06	104.6
2021-05	100.4
2021-04	93.0
2021-03	93.3
2021-02	86.4
2021-01	88.5
2020-12	86.7
2020-11	85.3
2020-10	89.5
2020-09	92.6
2020-08	88.0
2020-07	76.7
2020-06	67.9
2020-05	55.9
2020-04	52.4
2020-03	97.7
2020-02	105.3
2020-01	105.3
2019-12	106.4
2019-11	106.2
2019-10	105.4
2019-09	106.2
2019-08	105.4
2019-07	106.3
2019-06	106.7
2019-05	105.8
2019-04	107.8
2019-03	108.1
2019-02	107.3
2019-01	105.4
2018-12	104.9
2018-11	105.1
2018-10	107.0
2018-09	107.4
2018-08	107.6
2018-07	108.5
2018-06	110.2
2018-05	109.5
2018-04	109.3
2018-03	110.3
2018-02	110.2
2018-01	109.5
2017-12	108.9
2017-11	108.2
2017-10	108.3
2017-09	106.9
2017-08	106.0
2017-07	107.8
2017-06	107.9
2017-05	107.4
2017-04	106.5
2017-03	107.7
2017-02	104.9
2017-01	105.3
2016-12	106.6
2016-11	104.8
2016-10	104.8
2016-09	104.5
2016-08	103.5
2016-07	104.0
2016-06	101.9
2016-05	102.5
2016-04	101.0
2016-03	100.1
2016-02	101.0
2016-01	102.2
2015-12	100.9
2015-11	102.0
2015-10	100.7
2015-09	100.5
2015-08	100.6
2015-07	99.9
2015-06	99.5
2015-05	97.7
2015-04	97.7
2015-03	95.9
2015-02	96.3
2015-01	94.2
2014-12	94.9
2014-11	94.9
2014-10	94.9
2014-09	95.0
2014-08	94.8
2014-07	96.3
2014-06	95.7
2014-05	97.3
2014-04	98.2
2014-03	95.7
2014-02	95.1
2014-01	95.8
2013-12	95.7
2013-11	93.7
2013-10	95.2
2013-09	92.9
2013-08	91.1
2013-07	90.9
2013-06	89.5
2013-05	87.2
2013-04	87.5
2013-03	88.8
2013-02	89.6
2013-01	92.9
2012-12	90.2
2012-11	90.6
2012-10	92.0
2012-09	91.5
2012-08	93.9
2012-07	93.1
2012-06	94.4
2012-05	95.7
2012-04	98.1
2012-03	99.4
2012-02	97.8
2012-01	98.3
2011-12	99.3
2011-11	101.0
2011-10	101.1
2011-09	103.8
2011-08	105.8
2011-07	109.8
2011-06	111.5
2011-05	111.2
2011-04	109.8
2011-03	109.6
2011-02	110.2
2011-01	104.6
2010-12	105.6
2010-11	105.0
2010-10	103.8
2010-09	101.2
2010-08	99.5
2010-07	99.2
2010-06	98.7
2010-05	97.6
2010-04	95.5
2010-03	93.4
2010-02	90.9
2010-01	90.3
2009-12	89.0
2009-11	86.8
2009-10	84.5
2009-09	82.5
2009-08	83.1
2009-07	78.5
2009-06	74.9
2009-05	73.6
2009-04	74.5
2009-03	73.9
2009-02	79.4
2009-01	81.1
2008-12	83.4
2008-11	88.4
2008-10	95.4
2008-09	99.8
2008-08	101.1
2008-07	105.3
2008-06	105.0
2008-05	108.3
2008-04	112.6
2008-03	112.4
2008-02	113.9
2008-01	113.8
2007-12	114.5
2007-11	113.0
2007-10	111.5
2007-09	113.0
2007-08	112.3
2007-07	111.0
2007-06	112.8
2007-05	113.2
2007-04	111.7
2007-03	111.1
2007-02	111.2
2007-01	109.3
2006-12	110.9
2006-11	110.3
2006-10	108.8
2006-09	108.0
2006-08	109.0
2006-07	109.7
2006-06	109.8
2006-05	108.0
2006-04	106.9
2006-03	104.7
2006-02	104.2
2006-01	104.0
2005-12	103.2
2005-11	103.8
2005-10	103.9
2005-09	103.5
2005-08	103.2
2005-07	102.5
2005-06	102.0
2005-05	102.5
2005-04	101.8
2005-03	104.3
2005-02	101.8
2005-01	102.0

graphiqueFrench employment climate composite indicator

Revisions

The sectoral business climates in manufacturing and services as well as the employment climate of January 2022 have been revised upwards by one point. These revisions are mainly explained by the inclusion of late responses from companies.

For further information

The business climate indicator summarises the information provided by the surveys in manufacturing, services, trade (retail and wholesale) and building construction. It is built from 30 balances of opinion from these surveys. The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building construction.

The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.

Finally, since the definitive data of April 2020, the way of correcting non-response has been modified. The usual method was to fill in missing answers by carrying on past answers from non-responding companies. Results are now computed on the sole basis of responding units.

The responses to these surveys were collected between 27 January 2022 and 18 February 2022.

Next issue: 24 March 2022 at 08:45 am.