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Informations Rapides · 21 July 2022 · n° 186
Informations rapidesIn July 2022, the business climate in manufacturing industry has deteriorated Monthly business survey (goods-producing industries) - July 2022

According to the business managers surveyed in July 2022, the business climate in the manufacturing industry has deteriorated. At 106, the composite indicator has lost two points but remains above its average (100). This fall is mainly explained by those in the balances of opinion on the past change in production and on the overall order-books level. Furthermore, the balance of opinion on the expected trend in selling prices has sharply folded back.

Informations rapides
No 186
Paru le :Paru le21/07/2022
Prochaine parution le : 19/09/2025 at 08:45 - September 2025

According to the business managers surveyed in July 2022, the business climate in the manufacturing industry has deteriorated. At 106, the composite indicator has lost two points but remains above its average (100). This fall is mainly explained by those in the balances of opinion on the past change in production and on the overall order-books level. Furthermore, the balance of opinion on the expected trend in selling prices has sharply folded back.

Business climate in manufacturing - Composite indicator

Business climate in manufacturing - Composite indicator
Business climate in manufacturing - Composite indicator
2022-07 106.2
2022-06 107.9
2022-05 106.3
2022-04 107.6
2022-03 107.4
2022-02 112.2
2022-01 112.8
2021-12 109.6
2021-11 109.4
2021-10 106.9
2021-09 106.4
2021-08 109.4
2021-07 109.1
2021-06 107.7
2021-05 107.0
2021-04 103.4
2021-03 98.4
2021-02 98.1
2021-01 96.4
2020-12 95.2
2020-11 91.8
2020-10 94.0
2020-09 94.1
2020-08 91.4
2020-07 81.6
2020-06 77.4
2020-05 70.2
2020-04 66.8
2020-03 97.4
2020-02 101.0
2020-01 102.6
2019-12 99.3
2019-11 101.8
2019-10 99.4
2019-09 101.5
2019-08 102.1
2019-07 101.2
2019-06 101.8
2019-05 103.7
2019-04 101.3
2019-03 103.3
2019-02 103.4
2019-01 103.5
2018-12 103.5
2018-11 105.1
2018-10 104.2
2018-09 107.0
2018-08 108.6
2018-07 108.3
2018-06 109.5
2018-05 109.7
2018-04 110.4
2018-03 110.5
2018-02 112.5
2018-01 113.7
2017-12 111.8
2017-11 111.4
2017-10 111.0
2017-09 110.8
2017-08 109.9
2017-07 108.0
2017-06 108.8
2017-05 108.7
2017-04 108.5
2017-03 105.5
2017-02 106.7
2017-01 105.9
2016-12 105.7
2016-11 102.1
2016-10 102.1
2016-09 103.4
2016-08 101.5
2016-07 101.5
2016-06 101.5
2016-05 104.3
2016-04 104.7
2016-03 102.5
2016-02 103.0
2016-01 102.7
2015-12 102.5
2015-11 102.3
2015-10 103.1
2015-09 104.7
2015-08 103.5
2015-07 101.5
2015-06 100.2
2015-05 101.7
2015-04 101.5
2015-03 99.0
2015-02 98.4
2015-01 98.8
2014-12 98.7
2014-11 98.8
2014-10 97.4
2014-09 96.9
2014-08 96.6
2014-07 96.2
2014-06 96.5
2014-05 98.3
2014-04 100.3
2014-03 100.8
2014-02 98.3
2014-01 99.6
2013-12 99.2
2013-11 98.1
2013-10 97.8
2013-09 95.8
2013-08 98.5
2013-07 94.7
2013-06 92.7
2013-05 92.0
2013-04 87.6
2013-03 90.5
2013-02 90.5
2013-01 89.8
2012-12 90.8
2012-11 91.6
2012-10 87.0
2012-09 92.6
2012-08 92.8
2012-07 91.0
2012-06 93.1
2012-05 94.7
2012-04 95.6
2012-03 96.4
2012-02 94.9
2012-01 94.9
2011-12 94.6
2011-11 97.5
2011-10 97.4
2011-09 99.1
2011-08 101.2
2011-07 104.8
2011-06 109.8
2011-05 107.2
2011-04 110.0
2011-03 110.1
2011-02 106.8
2011-01 108.6
2010-12 104.1
2010-11 101.7
2010-10 104.0
2010-09 102.8
2010-08 100.3
2010-07 97.2
2010-06 95.6
2010-05 96.4
2010-04 95.0
2010-03 91.1
2010-02 88.6
2010-01 90.1
2009-12 87.4
2009-11 87.5
2009-10 85.1
2009-09 83.9
2009-08 80.8
2009-07 76.4
2009-06 74.8
2009-05 72.3
2009-04 70.5
2009-03 66.5
2009-02 68.5
2009-01 72.5
2008-12 73.3
2008-11 79.7
2008-10 87.0
2008-09 91.6
2008-08 98.0
2008-07 98.7
2008-06 103.4
2008-05 104.1
2008-04 107.3
2008-03 109.9
2008-02 110.2
2008-01 110.4
2007-12 112.4
2007-11 112.1
2007-10 109.9
2007-09 110.5
2007-08 110.9
2007-07 111.4
2007-06 111.2
2007-05 110.0
2007-04 111.8
2007-03 111.2
2007-02 111.6
2007-01 108.2
2006-12 109.1
2006-11 109.5
2006-10 107.1
2006-09 108.0
2006-08 108.4
2006-07 108.8
2006-06 108.5
2006-05 108.8
2006-04 107.8
2006-03 106.3
2006-02 106.5
2006-01 103.0
2005-12 104.0
2005-11 101.0
2005-10 101.0
2005-09 98.9
2005-08 99.6
2005-07 100.1
2005-06 98.9
2005-05 97.0
2005-04 96.5
2005-03 99.6
2005-02 103.0
2005-01 103.2

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.* Apr. 22 May. 22 Jun. 22 Jul. 22
Manufacturing industry
Composite indicator 100 108 106 108 106
Past production 5 12 12 16 10
Finished-goods inventory 12 11 8 9 9
Overall order books -18 -1 -2 -1 -4
Foreign order books -14 2 -3 -2 -4
Past workforce size -9 11 9 9 4
Expected workforce size -10 12 11 13 11
Personal production expectations 6 10 6 9 11
General production expectations -7 -4 -9 -5 -5
Expected trend in selling prices 3 45 55 53 35
Economic uncertainty felt** 27 36 35 33 33
  • * Long-term average since 1976 except for the economic uncertainty felt (April 2021).
  • ** Balance of opinion not CVS
  • Source: INSEE - Monthly business tendency survey in industry

Business leaders consider their recent production less favourably than the previous month

The balances of opinion of business leaders on production have displayed contrasting movements in July. The one on the change of production over the last three months has retracted while remaining above its average. The one on the expected change of personal production has improved again and has moved away from its average. The balance of opinion related to the general prospects of production has been stable and close to its average; the one relating to the level of perceived economic uncertainty has also been stable, but at a fairly high level.

The balance of opinion on the expected trend in selling prices has sharply withdrawn in July 2022, to its lowest level since January 2022, while remaining very high. This balance has been evolving since November 2021 at historically high levels for this series. The decline in this balance has extended to all sub-sectors of the manufacturing industry.

The balances of opinion concerning the past and expected change in workforce have fallen back in July. However, they remain well above their long-term level.

The lack of staff would impede production even more

The balances of opinion on the overall and foreign order-books have deteriorated somewhat. However, both remain clearly superior to their average.

The balance associated to the current level of the finished-goods inventory has been stable and remains below its average.

The share of companies declaring supply difficulties has increased in July and has reached a new high point (46%). In addition, the proportion of companies declaring that they have been limited in their production by a lack of personnel has strongly increased and has also reached an unprecedented level (27%) since the series was published (1991). The shortage of staff has intensified in all sub-sectors of the manufacturing industry.

Obstacles to production increase (in %)*

Share of enterprises, in % of answers, CVS
Obstacles to production increase (in %)* (Share of enterprises, in % of answers, CVS)
Manufacturing industry Moy.** May. 22 Jun. 22 Jul. 22
Difficulties of supply and demand (in %) 9 10 9 9
Sourcing difficulties (in %) 10 44 43 46
Workforce shortage (in %) 8 18 20 27
Difficulties of supply only (in% ) 21 50 47 52
Difficulties of demand only (in% ) 41 10 9 12
  • * Quaterly series from January 1991 then monthly series from May 2022
  • ** Long-term average since 1991 on monthly series (over the quarterly collection period, the point collected in the first month of each quarter was carried over identically to the following two months).
  • Sources : INSEE – Quarterly business survey in industry

The business climate has brightened in the manufacture of transport equipment but has dimmed in the “other industries”

In July 2022 in transport equipment, the business climate has improved for the fourth month in a row. It is at its highest level since June 2018. In the manufacture of motor vehicles, the business climate indicator has even gone back above its average. In the manufacture of other transport equipment, it has grown vigorously and has moved away from its average. The balances of the overall order-books have contributed to this by returning to a level not seen since November 2019.

In the sector of machinery and equipment goods, the business climate indicator has been stable, held back by the fall in the balance on the overall order books. It remains well above its average.

In the manufacture of food products and beverages, the business climate indicator has barely withdrawn and remains above its average. It has been pulled down by the balance of opinion on the past change in production. However, the sharp decline in the balance of opinion on the current level of the finished-goods inventory has contributed positively to the business climate in the manufacture of food products and beverages. The production constraints linked to supply problems have lessened somewhat: the proportion of companies reporting some, which had reached a peak last month, has noticeably fallen in July.

Finally, in the "other industries" the business climate indicator has deteriorated markedly and lies just above its average. The balances of opinion on past production and on order books, foreign or overall, have contributed to this decrease. The business climate has particularly darkened in the chemical industry, where the indicator has fallen back below its average for the first time since March 2021.

Business climates in a sector-based approach

Business climates in a sector-based approach
(C1) (C3) (C4) (C5)
2022-07 107.6 111.5 107.7 101.3
2022-06 108.7 111.1 103.1 105.7
2022-05 105.5 110.6 102.3 104.3
2022-04 107.7 112.8 101.9 108.6
2022-03 110.6 111.7 100.7 107.9
2022-02 110.4 115.2 106.1 111.3
2022-01 109.9 116.3 106.2 110.4
2021-12 116.8 116.1 91.0 112.1
2021-11 115.4 115.7 96.6 113.1
2021-10 111.6 115.6 91.6 110.2
2021-09 109.2 115.3 89.1 112.0
2021-08 111.3 119.8 93.7 112.3
2021-07 114.5 115.2 93.0 113.9
2021-06 118.7 115.1 90.8 110.4
2021-05 115.0 111.8 91.1 109.6
2021-04 104.1 113.5 89.7 107.1
2021-03 100.4 106.7 84.8 104.0
2021-02 93.9 106.0 91.2 101.3
2021-01 89.5 104.8 88.7 100.4
2020-12 89.6 96.4 88.2 101.8
2020-11 92.3 91.8 89.9 94.7
2020-10 93.4 94.7 91.8 94.6
2020-09 102.2 91.4 92.4 92.3
2020-08 96.0 91.8 91.7 87.5
2020-07 89.1 85.2 80.5 81.2
2020-06 92.5 79.0 77.4 78.8
2020-05 90.1 76.1 75.7 74.0
2020-04 91.5 76.9 73.4 73.4
2020-03 106.8 98.1 96.1 97.1
2020-02 107.4 99.5 100.6 100.1
2020-01 107.3 100.8 106.1 99.3
2019-12 107.3 97.3 99.8 97.9
2019-11 103.6 97.8 105.7 100.8
2019-10 105.1 96.4 100.9 98.8
2019-09 107.5 99.4 101.5 101.1
2019-08 108.1 99.8 101.5 101.3
2019-07 104.3 102.7 99.6 100.1
2019-06 108.5 98.8 101.0 100.4
2019-05 111.5 104.1 102.9 101.8
2019-04 106.2 101.2 101.4 100.6
2019-03 106.0 100.7 103.0 101.2
2019-02 108.0 104.7 101.2 101.0
2019-01 107.3 103.2 103.0 101.9
2018-12 107.2 102.1 102.8 102.3
2018-11 109.2 101.9 104.3 102.6
2018-10 102.1 106.6 104.0 102.6
2018-09 106.8 107.1 105.5 104.5
2018-08 107.5 107.9 106.8 105.4
2018-07 107.4 107.9 106.4 106.1
2018-06 110.1 107.7 110.3 105.3
2018-05 107.6 111.1 108.5 107.3
2018-04 108.9 109.8 112.9 107.3
2018-03 108.5 109.8 111.8 109.1
2018-02 109.8 110.6 112.7 109.6
2018-01 110.9 112.3 112.6 110.6
2017-12 110.5 111.0 110.7 110.3
2017-11 112.1 109.5 109.5 110.7
2017-10 110.7 109.4 108.9 110.0
2017-09 107.0 107.2 109.8 108.2
2017-08 108.4 106.7 108.8 107.9
2017-07 108.5 108.8 108.7 106.4
2017-06 111.4 108.2 105.6 108.0
2017-05 105.6 108.8 105.9 106.8
2017-04 103.4 107.0 106.4 107.5
2017-03 103.8 104.7 105.9 104.5
2017-02 105.2 103.9 106.8 105.9
2017-01 103.6 102.5 107.2 105.1
2016-12 108.1 103.6 104.9 104.5
2016-11 107.5 99.9 102.7 101.2
2016-10 106.3 97.7 106.1 100.9
2016-09 108.6 98.6 105.6 100.1
2016-08 98.9 98.4 104.2 101.1
2016-07 104.2 97.9 105.5 101.3
2016-06 102.7 97.4 106.3 101.1
2016-05 103.0 97.8 106.4 103.5
2016-04 105.5 100.3 109.5 100.9
2016-03 101.1 99.3 106.3 100.9
2016-02 99.9 100.7 109.3 99.6
2016-01 101.4 100.7 108.4 99.2
2015-12 99.5 98.3 108.1 101.4
2015-11 101.9 99.8 108.1 99.2
2015-10 104.0 98.4 108.1 99.5
2015-09 105.3 96.4 109.4 102.2
2015-08 102.9 97.7 108.2 101.1
2015-07 108.3 98.5 105.2 102.5
2015-06 104.7 97.3 105.6 100.6
2015-05 101.7 97.3 105.3 101.2
2015-04 104.2 96.8 107.4 100.3
2015-03 100.3 94.3 105.7 99.8
2015-02 99.1 95.4 101.5 99.9
2015-01 102.9 93.8 102.1 99.4
2014-12 98.7 92.5 100.1 99.9
2014-11 95.8 92.5 100.5 99.5
2014-10 95.3 92.8 97.6 98.2
2014-09 94.1 92.4 101.2 97.0
2014-08 95.0 93.6 98.2 100.3
2014-07 96.7 89.7 99.6 98.8
2014-06 95.3 92.1 98.6 98.2
2014-05 97.8 94.0 98.7 99.2
2014-04 95.5 92.7 103.2 99.9
2014-03 99.5 93.0 101.1 102.1
2014-02 98.8 94.1 98.4 98.0
2014-01 99.1 91.6 102.8 98.4
2013-12 98.1 92.1 100.3 98.8
2013-11 97.9 93.0 102.4 98.4
2013-10 95.1 90.8 104.0 97.4
2013-09 94.6 90.4 98.0 96.9
2013-08 95.1 92.1 101.8 96.8
2013-07 92.0 90.0 99.1 94.7
2013-06 92.3 89.4 95.2 93.0
2013-05 91.2 89.9 95.3 91.7
2013-04 91.5 90.0 93.3 89.1
2013-03 93.7 89.2 94.2 91.1
2013-02 97.6 89.0 94.7 90.1
2013-01 97.2 88.0 92.8 91.1
2012-12 98.4 88.0 92.7 91.7
2012-11 97.9 87.5 93.1 92.1
2012-10 90.7 86.2 95.9 89.3
2012-09 96.3 91.1 97.4 93.5
2012-08 93.3 90.5 95.6 93.3
2012-07 94.2 90.9 95.4 92.1
2012-06 94.6 91.2 96.0 93.5
2012-05 93.1 94.8 95.3 95.6
2012-04 98.6 96.2 94.4 97.5
2012-03 101.9 96.7 103.3 96.9
2012-02 100.0 96.1 94.1 95.7
2012-01 99.3 96.1 95.2 93.9
2011-12 97.9 96.3 100.4 94.3
2011-11 101.7 96.0 102.5 94.0
2011-10 104.0 98.3 100.5 96.1
2011-09 101.5 99.5 99.2 97.8
2011-08 103.1 100.7 102.2 100.0
2011-07 110.9 102.8 104.2 104.5
2011-06 108.0 104.7 109.8 108.4
2011-05 109.3 103.6 105.6 107.2
2011-04 108.6 105.0 106.2 109.5
2011-03 106.3 106.9 106.6 109.2
2011-02 107.1 102.7 100.1 107.9
2011-01 108.8 104.6 105.5 104.8

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** (%) May. 22 Jun. 22 Jul. 22
(C1) Man. of food products and beverages 20 105 109 108
(C3) Machinery and equipment goods 11 111 111 111
[CI] Computer, electronic and optical products 3 113 115 113
[CJ] Electrical equipment 3 101 104 101
[CK] Machinery and equipment 5 115 113 115
(C4) Man. of transport equipment 18 102 103 108
[CL1] Motor vehicles, trailers and semi-trailers 9 97 99 101
[CL2] Other transport equipment 9 103 103 107
(C5) Other manufacturing 46 104 106 101
[CB] Textiles, clothing industries, leather and footwear industry 2 107 112 107
[CC] Wood, paper, printing 5 108 109 104
[CE] Chemicals and chemical products 8 100 105 99
[CG] Rubber and plastic products 3 101 101 101
[CH] Basic metals and fabricated metal products 7 103 102 99
[CM] Other manufacturing industries / Manufacture of other industrial products 11 109 109 105
  • * 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

Updates

The business climate in manufacturing industry of June 2022 has not been revised (after having been rounded).

For further information

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of « above normal » or « increase » answers and the weighted percentage of « below normal » or « decrease » answers.

Since the definitive data of May 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 companies.

Answers to this survey have been gathered between 27 June 2022 and 18 July 2022.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Next issue: 25 August 2022 at 8:45 am.

Pour en savoir plus

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of « above normal » or « increase » answers and the weighted percentage of « below normal » or « decrease » answers.

Since the definitive data of May 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 companies.

Answers to this survey have been gathered between 27 June 2022 and 18 July 2022.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Next issue: 25 August 2022 at 8:45 am.

: bureau-de-presse@insee.fr