22 July 2011

2011- n° 181
In July 2011, the business climate indicator deteriorates in manufacturing industry Monthly business survey (goods-producing industries) - July 2011

According to the business leaders questioned in July 2011, the situation in industry deteriorated: the business climate indicator decreases by five points. It stays above its long-term average nevertheless.

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Manufacturing industry

The turning point indicator, decreasing, goes down to the unfavorable area .

Business leaders consider that their past activity has slowed down noticeably, but the balance of opinion stays above its long-term average however. Stocks of finished products remain regarded as below to the normal. Total and export order books decrease, but stay rated as stronger still.

The activity of next months could slow down again: the personal perspectives of production decreases in july. It remains above its long-term average however. The general production outlook, which represents business leaders’ opinion on French industry as a whole, deteriorates 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*	Avr. 11	May 11	Jun. 11	Jul. 11
Synthetic index	100	109	106	110	105
Recent changes in output	5	25	19	28	15
Finished-goods inventory level	13	2	–1	–0	–1
Demand and total order levels	–17	–2	–9	–3	–11
Demand and export order levels	–12	–4	–3	2	–8
Personal production expectations	5	13	9	16	8
General production expectations	–8	21	15	13	3

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