23 November 2017

2017- n° 308

In November 2017, the French business climate and the employment climate improve again Business climate indicator and turning point indicator - November 2017

In Novembre 2017, the business climate, already very favourable, has improved again. The composite indicator, compiled from the answers of business managers in the main sectors, has gained two points. At 111, it has returned to its January 2008 level, well above its long-term mean (100). The business climate has grown in each sector: it has increased by one point in manufacturing industry, by two points in services, building construction and wholesale trade, by three points in retail trade. It stands at its pre-crisis level in several sectors, at an unseen level since 2007 in manufacturing industry, retail and wholesale trade, since 2008 in building construction.

In November 2017, the employment climate has still improved, mainly driven by the rise in the balances of opinion on workforce size in retail trade and manufacturing industry. The associated composite indicator has gained one point to 109, clearly above its long-term mean and at its highest level since the summer of 2011.

Compared to its first estimate, the employment climate indicator has been lowered by one point in October 2017. Those revisions result from the integration of late answers from businesses.

The turning point indicator for the French economy as a whole remains in the area showing a favourable short-term economic outlook, where it stands since April 2017.