Informations Rapides · 24 March 2022 · n° 79
In March 2022, the French business climate has deteriorated sharply while the employment climate is stable Business indicator - March 2022

In March 2022, the business climate has deteriorated sharply. The indicator that synthesizes it, calculated from the responses of business managers from the main market sectors of activity, has lost six points. At 107, it nevertheless stands clearly above its long-term average (100). This fall in the business climate results mainly from the decline in the forward-looking balances of opinion in manufacturing and the deterioration of the climate in wholesale trade.

Informations rapides

N^o 79

Paru le :Paru le24/03/2022

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

Imprimer

Découvrir la collection

Données

(xls, 165 Ko)

Consult
Documentation

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

Sommaire

In March 2022, the business climate in France is clearly in retreat
The employment climate remains favourable
Revisions
For further information

In March 2022, the business climate in France is clearly in retreat

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
2022-03	106.6
2022-02	112.7
2022-01	107.4
2021-12	109.0
2021-11	113.3
2021-10	112.3
2021-09	110.3
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	92.2
2020-11	78.1
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	107.9
2018-06	108.4
2018-05	108.7
2018-04	110.4
2018-03	111.1
2018-02	111.2
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	103.6
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	101.4
2015-11	102.6
2015-10	102.7
2015-09	101.9
2015-08	102.5
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	93.9
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	94.6
2013-10	95.3
2013-09	95.5
2013-08	91.9
2013-07	88.6
2013-06	87.0
2013-05	85.7
2013-04	84.6
2013-03	86.1
2013-02	88.2
2013-01	88.1
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	97.4
2012-03	95.9
2012-02	93.4
2012-01	93.5
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	108.5
2011-03	109.3
2011-02	108.7
2011-01	107.5
2010-12	106.5
2010-11	104.9
2010-10	104.1
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	90.2
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	108.1
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	112.4
2007-04	112.3
2007-03	111.7
2007-02	111.3
2007-01	109.6
2006-12	109.5
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	106.5
2006-04	104.7
2006-03	104.2
2006-02	103.8
2006-01	106.2
2005-12	104.8
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 manufacturing, the business climate has weakened markedly. All the balances of opinion have contributed to this fall, while the balance regarding expected selling prices has beaten a new record.

In wholesale trade, the bimonthly business climate has also fallen very sharply compared to January 2022, mainly due to the drop in the balances of opinion regarding deliveries from abroad and past sales, but also because of the continuing decline in the balances on future activity.

In retail trade, the business climate has also deteriorated and has gone back below its long-term average, in connection with the general outlook for the sector judged less favourable than in the previous month. The balances of opinion on past prices have reached new records.

In services, the business climate has declined more moderately, mainly because of the decrease in the balances of opinion regarding activity prospects.

Finally, in building construction, the business climate remains stable. Supply constraints remain strong, as shown by the rebound of the part of companies declaring supplying difficulties.

tableauBusiness and employment climates

Business and employment climates
	Nov. 21	Dec. 21	Jan. 22	Feb. 22	Mar. 22
Business climates
France	113	109	107	113	107
Manufacturing	109	110	113	112	106
Building construction	114	115	113	114	114
Services	114	107	106	112	109
Retail trade	108	107	105	107	99
Wholesale trade	114		115		105

Employment	112	110	111	113	113

Source: INSEE, Business tendency surveys

The employment climate remains favourable

In March 2022, the employment climate is stable at a high level (113). The decrease in the balance of opinion regarding expected employment in manufacturing is offset by the increase in the balance on recent evolution of employment in retail trade.

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
2022-03	113.4
2022-02	113.5
2022-01	110.7
2021-12	109.8
2021-11	112.3
2021-10	110.3
2021-09	105.6
2021-08	107.6
2021-07	107.3
2021-06	104.6
2021-05	100.4
2021-04	93.0
2021-03	92.9
2021-02	86.3
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	52.5
2020-03	97.5
2020-02	105.3
2020-01	105.2
2019-12	106.3
2019-11	106.1
2019-10	105.4
2019-09	106.1
2019-08	105.3
2019-07	106.2
2019-06	106.7
2019-05	105.7
2019-04	107.7
2019-03	107.9
2019-02	107.3
2019-01	105.3
2018-12	104.8
2018-11	105.0
2018-10	106.9
2018-09	107.4
2018-08	107.6
2018-07	108.4
2018-06	110.2
2018-05	109.4
2018-04	109.3
2018-03	110.3
2018-02	110.2
2018-01	109.5
2017-12	108.8
2017-11	108.1
2017-10	108.3
2017-09	106.8
2017-08	105.9
2017-07	107.7
2017-06	107.9
2017-05	107.4
2017-04	106.5
2017-03	107.6
2017-02	104.9
2017-01	105.3
2016-12	106.5
2016-11	104.8
2016-10	104.8
2016-09	104.5
2016-08	103.4
2016-07	104.0
2016-06	101.8
2016-05	102.5
2016-04	100.9
2016-03	100.1
2016-02	100.9
2016-01	102.1
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	99.4
2015-05	97.7
2015-04	97.7
2015-03	95.8
2015-02	96.3
2015-01	94.1
2014-12	94.9
2014-11	94.8
2014-10	94.9
2014-09	95.0
2014-08	94.8
2014-07	96.3
2014-06	95.6
2014-05	97.3
2014-04	98.2
2014-03	95.7
2014-02	95.0
2014-01	95.8
2013-12	95.6
2013-11	93.6
2013-10	95.1
2013-09	92.8
2013-08	91.1
2013-07	90.8
2013-06	89.5
2013-05	87.1
2013-04	87.5
2013-03	88.8
2013-02	89.6
2013-01	92.8
2012-12	90.2
2012-11	90.5
2012-10	92.0
2012-09	91.4
2012-08	93.8
2012-07	93.1
2012-06	94.4
2012-05	95.7
2012-04	98.0
2012-03	99.3
2012-02	97.7
2012-01	98.2
2011-12	99.3
2011-11	100.9
2011-10	101.1
2011-09	103.8
2011-08	105.7
2011-07	109.7
2011-06	111.5
2011-05	111.2
2011-04	109.8
2011-03	109.5
2011-02	110.1
2011-01	104.5
2010-12	105.5
2010-11	104.9
2010-10	103.7
2010-09	101.2
2010-08	99.5
2010-07	99.1
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	83.3
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	108.2
2008-04	112.5
2008-03	112.3
2008-02	113.8
2008-01	113.7
2007-12	114.5
2007-11	112.9
2007-10	111.5
2007-09	113.0
2007-08	112.2
2007-07	110.9
2007-06	112.7
2007-05	113.1
2007-04	111.6
2007-03	111.0
2007-02	111.2
2007-01	109.3
2006-12	110.8
2006-11	110.3
2006-10	108.7
2006-09	107.9
2006-08	108.9
2006-07	109.6
2006-06	109.7
2006-05	108.0
2006-04	106.9
2006-03	104.6
2006-02	104.1
2006-01	103.9
2005-12	103.1
2005-11	103.7
2005-10	103.9
2005-09	103.5
2005-08	103.1
2005-07	102.5
2005-06	102.0
2005-05	102.4
2005-04	101.7
2005-03	104.2
2005-02	101.7
2005-01	102.0

graphiqueFrench employment climate composite indicator

Revisions

The French business climate of February 2022 and the business climate in wholesale trade of January 2022 have been revised upwards by one point and two points, respectively. 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 25 February and 21 March 2022.

Next issue: 21 April 2022 at 08:45 am.