Informations Rapides ·
24 January 2023 · n° 20
In January 2023, the business climate has improved slightly in services Monthly survey of services - January 2023
According to the business managers surveyed in January 2023, the business climate has improved slightly in services. At 105, the business climate indicator that synthesizes it has gained one point and remains above its long-term average (100). The balances of opinion on the personal outlook (activity, workforce size) have taken part in this increase whereas the balance of opinion on the general business outlook for the sector has mitigated it. At the same time, the balances about the change in selling prices have reached levels not seen since 1988.
According to the business managers surveyed in January 2023, the business climate has improved slightly in services. At 105, the business climate indicator that synthesizes it has gained one point and remains above its long-term average (100). The balances of opinion on the personal outlook (activity, workforce size) have taken part in this increase whereas the balance of opinion on the general business outlook for the sector has mitigated it. At the same time, the balances about the change in selling prices have reached levels not seen since 1988.
tableauBusiness climate composite indicator
| Business climate composite indicator | |
|---|---|
| 2023-01 | 105.0 |
| 2022-12 | 104.0 |
| 2022-11 | 104.3 |
| 2022-10 | 105.5 |
| 2022-09 | 105.5 |
| 2022-08 | 106.6 |
| 2022-07 | 106.6 |
| 2022-06 | 107.6 |
| 2022-05 | 108.9 |
| 2022-04 | 108.1 |
| 2022-03 | 108.4 |
| 2022-02 | 111.9 |
| 2022-01 | 105.2 |
| 2021-12 | 107.1 |
| 2021-11 | 113.8 |
| 2021-10 | 112.6 |
| 2021-09 | 109.7 |
| 2021-08 | 108.2 |
| 2021-07 | 110.6 |
| 2021-06 | 111.6 |
| 2021-05 | 106.1 |
| 2021-04 | 91.2 |
| 2021-03 | 93.4 |
| 2021-02 | 88.0 |
| 2021-01 | 91.0 |
| 2020-12 | 89.5 |
| 2020-11 | 77.3 |
| 2020-10 | 88.3 |
| 2020-09 | 94.0 |
| 2020-08 | 93.2 |
| 2020-07 | 88.4 |
| 2020-06 | 77.4 |
| 2020-05 | 50.7 |
| 2020-04 | 40.5 |
| 2020-03 | 92.5 |
| 2020-02 | 105.8 |
| 2020-01 | 105.9 |
| 2019-12 | 106.3 |
| 2019-11 | 106.0 |
| 2019-10 | 105.5 |
| 2019-09 | 105.4 |
| 2019-08 | 104.8 |
| 2019-07 | 104.8 |
| 2019-06 | 105.5 |
| 2019-05 | 105.3 |
| 2019-04 | 105.3 |
| 2019-03 | 104.5 |
| 2019-02 | 103.4 |
| 2019-01 | 103.4 |
| 2018-12 | 101.8 |
| 2018-11 | 103.5 |
| 2018-10 | 103.0 |
| 2018-09 | 104.2 |
| 2018-08 | 103.8 |
| 2018-07 | 104.2 |
| 2018-06 | 104.3 |
| 2018-05 | 103.9 |
| 2018-04 | 105.6 |
| 2018-03 | 106.5 |
| 2018-02 | 106.4 |
| 2018-01 | 107.4 |
| 2017-12 | 108.3 |
| 2017-11 | 107.1 |
| 2017-10 | 106.5 |
| 2017-09 | 106.3 |
| 2017-08 | 105.8 |
| 2017-07 | 103.7 |
| 2017-06 | 103.2 |
| 2017-05 | 102.4 |
| 2017-04 | 103.0 |
| 2017-03 | 103.0 |
| 2017-02 | 102.6 |
| 2017-01 | 101.5 |
| 2016-12 | 103.3 |
| 2016-11 | 100.7 |
| 2016-10 | 100.6 |
| 2016-09 | 100.7 |
| 2016-08 | 100.1 |
| 2016-07 | 100.3 |
| 2016-06 | 99.0 |
| 2016-05 | 100.6 |
| 2016-04 | 98.3 |
| 2016-03 | 99.4 |
| 2016-02 | 99.8 |
| 2016-01 | 100.0 |
| 2015-12 | 97.0 |
| 2015-11 | 99.2 |
| 2015-10 | 99.5 |
| 2015-09 | 97.5 |
| 2015-08 | 98.6 |
| 2015-07 | 97.5 |
| 2015-06 | 96.8 |
| 2015-05 | 95.4 |
| 2015-04 | 94.0 |
| 2015-03 | 92.4 |
| 2015-02 | 91.6 |
| 2015-01 | 91.3 |
| 2014-12 | 91.4 |
| 2014-11 | 91.4 |
| 2014-10 | 91.4 |
| 2014-09 | 91.2 |
| 2014-08 | 91.7 |
| 2014-07 | 92.7 |
| 2014-06 | 92.4 |
| 2014-05 | 92.3 |
| 2014-04 | 93.4 |
| 2014-03 | 93.1 |
| 2014-02 | 92.2 |
| 2014-01 | 92.4 |
| 2013-12 | 91.1 |
| 2013-11 | 92.5 |
| 2013-10 | 91.8 |
| 2013-09 | 92.4 |
| 2013-08 | 88.8 |
| 2013-07 | 86.9 |
| 2013-06 | 86.4 |
| 2013-05 | 85.2 |
| 2013-04 | 83.8 |
| 2013-03 | 84.6 |
| 2013-02 | 87.4 |
| 2013-01 | 88.6 |
| 2012-12 | 87.5 |
| 2012-11 | 85.9 |
| 2012-10 | 86.6 |
| 2012-09 | 87.7 |
| 2012-08 | 87.9 |
| 2012-07 | 90.0 |
| 2012-06 | 90.4 |
| 2012-05 | 92.3 |
| 2012-04 | 95.9 |
| 2012-03 | 93.8 |
| 2012-02 | 92.5 |
| 2012-01 | 93.1 |
| 2011-12 | 95.0 |
| 2011-11 | 95.4 |
| 2011-10 | 97.5 |
| 2011-09 | 98.5 |
| 2011-08 | 100.7 |
| 2011-07 | 105.0 |
| 2011-06 | 107.0 |
| 2011-05 | 107.5 |
| 2011-04 | 108.8 |
| 2011-03 | 110.2 |
| 2011-02 | 109.0 |
| 2011-01 | 106.9 |
| 2010-12 | 106.6 |
| 2010-11 | 104.6 |
| 2010-10 | 102.7 |
| 2010-09 | 101.5 |
| 2010-08 | 100.6 |
| 2010-07 | 99.1 |
| 2010-06 | 98.3 |
| 2010-05 | 99.2 |
| 2010-04 | 97.6 |
| 2010-03 | 94.5 |
| 2010-02 | 94.3 |
| 2010-01 | 94.1 |
| 2009-12 | 92.7 |
| 2009-11 | 92.2 |
| 2009-10 | 90.8 |
| 2009-09 | 87.7 |
| 2009-08 | 84.5 |
| 2009-07 | 82.0 |
| 2009-06 | 78.4 |
| 2009-05 | 73.8 |
| 2009-04 | 69.9 |
| 2009-03 | 69.7 |
| 2009-02 | 74.8 |
| 2009-01 | 75.9 |
| 2008-12 | 78.5 |
| 2008-11 | 81.5 |
| 2008-10 | 85.5 |
| 2008-09 | 93.8 |
| 2008-08 | 95.8 |
| 2008-07 | 97.2 |
| 2008-06 | 101.5 |
| 2008-05 | 104.5 |
| 2008-04 | 106.9 |
| 2008-03 | 108.5 |
| 2008-02 | 108.4 |
| 2008-01 | 110.2 |
| 2007-12 | 108.9 |
| 2007-11 | 110.0 |
| 2007-10 | 109.8 |
| 2007-09 | 111.2 |
| 2007-08 | 111.9 |
| 2007-07 | 112.8 |
| 2007-06 | 112.2 |
| 2007-05 | 112.5 |
| 2007-04 | 112.7 |
| 2007-03 | 113.0 |
| 2007-02 | 112.0 |
| 2007-01 | 110.6 |
| 2006-12 | 111.2 |
| 2006-11 | 112.7 |
| 2006-10 | 110.6 |
| 2006-09 | 110.4 |
| 2006-08 | 110.2 |
| 2006-07 | 110.1 |
| 2006-06 | 109.0 |
| 2006-05 | 110.3 |
| 2006-04 | 107.7 |
| 2006-03 | 107.4 |
| 2006-02 | 106.1 |
| 2006-01 | 108.5 |
| 2005-12 | 106.6 |
| 2005-11 | 106.3 |
| 2005-10 | 108.3 |
| 2005-09 | 106.8 |
| 2005-08 | 107.2 |
| 2005-07 | 107.5 |
| 2005-06 | 108.2 |
| 2005-05 | 105.9 |
| 2005-04 | 107.8 |
| 2005-03 | 108.1 |
| 2005-02 | 106.1 |
| 2005-01 | 106.3 |
graphiqueBusiness climate composite indicator
- Source: INSEE
The business managers are a bit more optimistic about their activity and their workforce size
In January 2023, the business managers in services are a bit more optimistic than in the previous month about their activity. The related balance of opinion has improved slightly and has returned above its long-term average. The balance of opinion on the expected demand has also rebounded a bit but remains below its own. Concerning the balance on the general business outlook for the sector, it has decreased but remains above its average. At the same time, the balance on economic uncertainty felt has fallen back.
The balance of opinion on activity over the past three months has improved sharply and has gone further away from its average.
The balances of opinion on the recent and expected change in selling prices have also both increased and have reached levels not seen since 1988.
tableauExpected prices in services
| Expected prices | |
|---|---|
| 2023-01 | 19.4 |
| 2022-12 | 16.2 |
| 2022-11 | 12.9 |
| 2022-10 | 10.5 |
| 2022-09 | 8.8 |
| 2022-08 | 10.4 |
| 2022-07 | 12.4 |
| 2022-06 | 11.0 |
| 2022-05 | 10.5 |
| 2022-04 | 12.1 |
| 2022-03 | 7.3 |
| 2022-02 | 9.0 |
| 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
Concerning employment, the balance of opinion on the change in the workforce size over the last three months has edged down but remains above its average. Conversely, the one on the expected workforce size has increased sharply and remains above its own.
Besides, 59% of the business managers have reported difficulties in recruitment, a share a bit lower than in last October (62%), the highest level of this quarterly series started in July 2000.
The quarterly balance of opinion on expected investments for the next three months has decreased and has got closer to its average.
Among the obstacles preventing them from increasing their activity, a bit more business managers than in October have reported difficulties of demand only. Nevertheless, the proportion remains well below its long-term average. As in October, one in three business managers has reported difficulties of supply only, a proportion well above its average.
The quarterly balance on the cash position is stable compared to October, above its average.
tableauEconomic outlook in the services sector
| Average* | Oct. 2022 | Nov. 2022 | Dec. 2022 | Jan. 2023 | |
|---|---|---|---|---|---|
| Composite indicator | 100 | 105 | 104 | 104 | 105 |
| General outlook | -7 | -2 | -3 | -3 | -5 |
| Past activity | 2 | 9 | 6 | 7 | 11 |
| Expected activity | 2 | 4 | 3 | 2 | 4 |
| Expected demand | 0 | 2 | 1 | -2 | -1 |
| Past selling prices | -3 | 13 | 13 | 13 | 15 |
| Expected selling prices | -2 | 10 | 13 | 16 | 19 |
| Past employment | 2 | 11 | 2 | 10 | 7 |
| except temporary work agencies | 0 | 8 | 2 | 8 | 4 |
| Expected employment | 2 | 8 | 9 | 9 | 14 |
| except temporary work agencies | 0 | 3 | 5 | 5 | 9 |
| Cash position | -11 | -5 | -5 | ||
| Difficulties of supply and demand | |||||
| difficulties of supply and demand (in %) | 10 | 8 | 5 | ||
| difficulties of supply only (in %) | 23 | 33 | 32 | ||
| difficulties of demand only (in %) | 29 | 12 | 14 | ||
| Difficulties in recruitment (in %) | 31 | 62 | 59 | ||
| Expected investments | 3 | 7 | 4 | ||
| Economic uncertainty felt** | 12 | 15 | 10 | 14 | 11 |
- * 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 evolved in mixed ways in the sub-sectors of services
In January 2023, in information-communication, the business climate has improved sharply and has moved away from its average. In particular, the balance of opinion on expected employment has increased strongly.
In real estate activities, the business climate indicator has also increased sharply and has moved away from its average. In particular, the balance of opinion on the general business outlook has increased strongly.
In administrative and support services, the business climate has improved and remains above its average level. In particular, the balances of opinion on expected activity and on expected demand have increased sharply.
The business climate is stable in accommodation and food services: the balance of opinion on past activity has increased but the one on expected activity has fallen back.
In road freight transport, the business climate has deteriorated and has moved below its long-term average. In particular, the balances of opinion on the personal and the general business outlook have decreased for the third month in a row.
Eventually, the business climate has also deteriorated a bit in professional, scientific and technical activities.
tableauBusiness climate composite indicator and balances of opinion by sub-sector in services
| Aggregated classification (NA 2008) at level A21 | Mean* | Oct. 2022 | Nov. 2022 | Dec. 2022 | Jan. 2023 |
|---|---|---|---|---|---|
| Road freight transport (8%) | |||||
| Composite indicator | 100 | 102 | 102 | 101 | 99 |
| Past activity | -5 | 1 | -1 | 5 | 8 |
| Expected activity | -6 | -1 | -4 | -8 | -12 |
| Expected demand | -8 | -16 | -16 | -18 | -18 |
| Past employment | -5 | 2 | -4 | -1 | 4 |
| Expected employment | -6 | -1 | 6 | 5 | -3 |
| General outlook | -18 | -11 | -13 | -20 | -32 |
| Accommodation and food service activities (11%) | |||||
| Composite indicator | 100 | 106 | 104 | 105 | 105 |
| Past activity | -7 | 28 | 27 | 5 | 13 |
| Expected activity | -7 | -1 | -8 | -1 | -4 |
| Expected demand | -9 | -6 | -8 | -8 | -9 |
| Past employment | -5 | 9 | 2 | 10 | -1 |
| Expected employment | -6 | 4 | 2 | -2 | 4 |
| General outlook | -14 | -15 | -13 | -6 | -6 |
| Information and communication (26%) | |||||
| Composite indicator | 100 | 105 | 105 | 104 | 108 |
| Past activity | 7 | 12 | 7 | 7 | 12 |
| Expected activity | 9 | 5 | 9 | 8 | 12 |
| Expected demand | 9 | 6 | 15 | 6 | 11 |
| Past employment | 6 | 20 | 20 | 25 | 26 |
| Expected employment | 10 | 17 | 16 | 12 | 25 |
| General outlook | 0 | 6 | 4 | 5 | 3 |
| Real estate activities (11%) | |||||
| Composite indicator | 100 | 105 | 104 | 101 | 105 |
| Past activity | 7 | 8 | 10 | 3 | 3 |
| Expected activity | 6 | 9 | 6 | 4 | 6 |
| Expected demand | 2 | 7 | 2 | 0 | 0 |
| Past employment | 3 | 6 | 12 | 3 | 7 |
| Expected employment | 3 | 9 | 9 | 3 | 5 |
| General outlook | -4 | -5 | -7 | -9 | -1 |
| Professional, scientific and technical activities (24%) | |||||
| Composite indicator | 100 | 106 | 104 | 105 | 104 |
| Past activity | -1 | -1 | -2 | -2 | 8 |
| Expected activity | -2 | 1 | -1 | -3 | -1 |
| Expected demand | -5 | 2 | -3 | -1 | -4 |
| Past employment | 1 | 0 | 0 | -1 | 5 |
| Expected employment | 1 | 2 | 3 | 9 | 7 |
| General outlook | -8 | -3 | -1 | -3 | -6 |
| Administrative and support service activities (18%) | |||||
| Composite indicator | 100 | 105 | 101 | 102 | 104 |
| Past activity | 5 | 12 | 10 | 20 | 13 |
| Expected activity | 5 | 8 | 4 | 3 | 9 |
| Expected demand | 3 | 5 | -3 | -4 | 3 |
| Past employment | 8 | 16 | -3 | 13 | 5 |
| Expected employment | 7 | 15 | 18 | 15 | 20 |
| General outlook | -3 | 3 | 1 | 3 | 1 |
- The figures in parentheses indicate the weights used to aggregate the sub-sector balances of opinion. The “other services” sub-sector is not displayed due to its low weight.
- *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.
Revision
The business climate indicator in services of December 2022 has not been revised (after rounding).
For further information
The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.
For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted 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 28 December 2022 and 18 January 2023.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 22 February 2023 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
The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.
For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted 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 28 December 2022 and 18 January 2023.
Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 22 February 2023 at 8:45 am.