18 February 2011

2011- n° 42
In February 2011, the business climate indicator decreased slightly in manufacturing industry Monthly business survey (goods-producing industries) - February 2011

According to the business leaders questioned in February 2011, the situation in industry deteriorated slightly: the business climate indicator decreases a little. It places nevertheless above its long-term average.

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Manufacturing industry

The turning point indicator stabilizes in the favorable area.

Business leaders consider that their past activity has remained dynamic: the balance of opinion remains distinctly above its long-term average. Stocks of finished products are still regarded as below to the normal. Total order books decrease, coming back so to their long-term average. Export order books stay considered slightly superior to their average.

The activity of next months would remain dynamic: although edging down, the personal perspectives of production remains on a rather high level. The general production outlook, which represents business leaders’ opinion on French industry as a whole, improves again.

tableautableau – Leaders' opinion: manufacturing industrial activity

Balance of opinion, s.a, in %

Leaders' opinion: manufacturing industrial activity (Balance of opinion, s.a, in %)
Manufacturing industry	Average*	Nov. 10	Dec. 10	Jan. 11	Feb. 11
Synthetic index	100	100	102	108	106
Recent changes in output	5	8	9	20	21
Finished-goods inventory level	13	1	0	–4	–2
Demand and total order levels	–17	–25	–17	–7	–17
Demand and export order levels	–12	–15	–16	–10	–9
Personal production expectations	5	6	13	19	16
General production expectations	–8	8	10	11	19

* : The average of the balances opinion since 1976.
Source : Monthly business survey - INSEE