25 April 2017
2017- n° 107In April 2017, the French business climate and the employment climate are still favourable Business climate indicator and turning point indicator - April 2017
In April 2017, as since December 2016, the business climate remains favourable. The composite indicator, compiled from the answers of business managers in the main sectors, stands, as in March, four points above its long-term average (100). It has gained three points in manufacturing and remains stable in building construction. In contrast, it has lost one point in services and three points in retail trade.
The French business climate indicator remains well above its normal
In April 2017, as since December 2016, the business climate remains favourable. The composite indicator, compiled from the answers of business managers in the main sectors, stands, as in March, four points above its long-term average (100). It has gained three points in manufacturing and remains stable in building construction. In contrast, it has lost one point in services and three points in retail trade.
graphiqueGraph1 – French business climate composite indicator
tableauTable1 – Business and employment climates
| Dec. 16 | Jan. 17 | Feb. 17 | March 17 | April 17 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 105 | 104 | 105 | 104 | 104 |
| Manufacturing | 106 | 106 | 107 | 105 | 108 |
| Building | 98 | 99 | 100 | 100 | 100 |
| Services | 106 | 102 | 104 | 104 | 103 |
| Retail trade | 107 | 106 | 104 | 106 | 103 |
| Wholesale trade | - | 103 | - | 103 | - |
| Employment climate | |||||
| Employment | 107 | 106 | 105 | 108 | 107 |
- Source: INSEE, Business tendency surveys
The employment climate has faltered after hitting in March a level unseen since the summer 2011
In April 2017, the employment climate has dipped, in particular because of the retail trade sector. The associated composite indicator has lost one point and stands at 107, after having reached in March its highest level since August 2011. It remains well above its long- term average.
graphiqueGraph3 – French employment climate composite indicator
Revisions
Compared to its first estimate last month, the business climate indicator of March 2017 has been raised by one point in manufacturing, building construction, and retail trade. Those revisions result from the integration of late businesses' answers.
tableauTable2 – Turning point indicators
| Dec. 16 | Jan. 17 | Feb. 17 | March 17 | April 17 | |
|---|---|---|---|---|---|
| France | 0.6 | 0.4 | 0.8 | 0.3 | 0.4 |
| Manufacturing | 0.7 | 0.8 | 0.8 | –0.5 | 0.3 |
| Building | 0.4 | 0.7 | 0.7 | 0.9 | 0.6 |
| Services | 0.8 | 0.2 | 0.5 | 0.6 | 0.0 |
| Wholesale trade | - | 0.9 | - | 0.8 | - |
- Source: INSEE, Business tendency surveys
The turning point indicator for the French economy as a whole is in the area showing a favourable short-term economic outlook.
graphiqueGraph2 – Turning point indicator
- Close to +1 (resp. −1): favourable business climate (unfavourable), between +0.3 and −0.3: uncertainty area.
Documentation
Abbreviated Methodology (pdf,130 Ko)
Pour en savoir plus
