24 April 2018
2018- n° 106In April 2018, the French business climate has faltered slightly again but remains
at a high level; the employment climate is slightly less favourable Business climate indicator and turning point indicator - April 2018
In April 2018, the business climate has faltered slightly again, while remaining at a high level. The composite indicator, compiled from the answers of business managers in the main sectors, has lost one point for the fourth consecutive month. At 108, it is still well above its long-term mean (100). The business climate has lost three points in retail trade and one point in manufacturing industry. It is stable in services and in building construction. It remains well above its long-term mean in all the sectors.
The French business climate weakens slightly in April
In April 2018, the business climate has faltered slightly again, while remaining at a high level. The composite indicator, compiled from the answers of business managers in the main sectors, has lost one point for the fourth consecutive month. At 108, it is still well above its long-term mean (100). The business climate has lost three points in retail trade and one point in manufacturing industry. It is stable in services and in building construction. It remains well above its long-term mean in all the sectors.
The employment climate is slightly less favourable
In April 2018, the employment climate has weakened slightly but remains at a high level. The associated composite indicator has lost two points since March when it had reached a level unseen since July 2011. It stands at 109, well above its long-term average. This decrease comes from a decline in the balances of opinion on workforce size in the main sectors in April 2018.
Revisions
Compared to its first estimate, the composite indicator for the manufacturing industry in March 2018 has been lowered by one point. This revision results from the integration of late answers from businesses.
graphiqueGraph 1 – French business climate composite indicator
graphiqueGraph 2 – French employment climate composite indicator
tableauTable 1 – Business and employment climates
| Dec. 17 | Jan. 18 | Feb. 18 | March 18 | April 18 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 112 | 111 | 110 | 109 | 108 |
| Manufacturing | 112 | 114 | 112 | 110 | 109 |
| Building | 109 | 108 | 106 | 107 | 107 |
| Services | 110 | 109 | 107 | 107 | 107 |
| Retail trade | 114 | 114 | 115 | 113 | 110 |
| Wholesale trade | - | 107 | - | 109 | - |
| Employment climate | |||||
| Employment | 109 | 109 | 110 | 111 | 109 |
- Source: INSEE, Business tendency surveys
The turning point indicator stands in the uncertainty area
The turning point indicator for the French economy as a whole remains in the area indicating an uncertain short-term economic outlook.
tableauTable 2 – Turning point indicators
| Dec. 17 | Jan. 18 | Feb. 18 | March 18 | April 18 | |
|---|---|---|---|---|---|
| France | 0.9 | 0.8 | –0.4 | –0.2 | –0.1 |
| Manufacturing | 0.7 | 0.9 | 0.7 | –0.6 | –0.2 |
| Building | 0.8 | 0.1 | –0.8 | –0.3 | 0.1 |
| Services | 0.9 | 0.7 | 0.1 | 0.3 | 0.3 |
| Wholesale trade | - | 0.5 | - | 0.6 | - |
- Source: INSEE. Business tendency surveys
graphiqueGraph 3 – Turning point indicator
- Close to +1 (resp. -1). the indicator shows a favourable short-term economic situation (resp. unfavourable). The uncertainty area is between -0.3 and +0.3.
Documentation
Abbreviated Methodology (pdf,130 Ko)
Pour en savoir plus
