27 November 2019
2019- n° 305In November 2019, households’ confidence has increased again Monthly consumer confidence survey - November 2019
In November 2019, households’ confidence in the economic situation has increased again, after two months of stability. At 106, the synthetic index has gained two points and remains above its long-term average (100).
In November 2019, households’ confidence in the economic situation has increased again, after two months of stability. At 106, the synthetic index has gained two points and remains above its long-term average (100).
tableauConsumer confidence synthetic index
Consumer confidence synthetic index | |
---|---|
2000-01 | 118 |
2000-02 | 118 |
2000-03 | 119 |
2000-04 | 122 |
2000-05 | 122 |
2000-06 | 122 |
2000-07 | 123 |
2000-08 | 121 |
2000-09 | 118 |
2000-10 | 119 |
2000-11 | 119 |
2000-12 | 123 |
2001-01 | 126 |
2001-02 | 124 |
2001-03 | 122 |
2001-04 | 120 |
2001-05 | 116 |
2001-06 | 114 |
2001-07 | 114 |
2001-08 | 112 |
2001-09 | 110 |
2001-10 | 111 |
2001-11 | 112 |
2001-12 | 112 |
2002-01 | 112 |
2002-02 | 111 |
2002-03 | 111 |
2002-04 | 109 |
2002-05 | 112 |
2002-06 | 111 |
2002-07 | 109 |
2002-08 | 108 |
2002-09 | 106 |
2002-10 | 107 |
2002-11 | 108 |
2002-12 | 108 |
2003-01 | 104 |
2003-02 | 102 |
2003-03 | 98 |
2003-04 | 99 |
2003-05 | 101 |
2003-06 | 101 |
2003-07 | 100 |
2003-08 | 100 |
2003-09 | 99 |
2003-10 | 98 |
2003-11 | 98 |
2003-12 | 99 |
2004-01 | 99 |
2004-02 | 98 |
2004-03 | 99 |
2004-04 | 101 |
2004-05 | 100 |
2004-06 | 99 |
2004-07 | 99 |
2004-08 | 100 |
2004-09 | 102 |
2004-10 | 101 |
2004-11 | 100 |
2004-12 | 99 |
2005-01 | 97 |
2005-02 | 99 |
2005-03 | 97 |
2005-04 | 97 |
2005-05 | 95 |
2005-06 | 94 |
2005-07 | 94 |
2005-08 | 93 |
2005-09 | 92 |
2005-10 | 92 |
2005-11 | 92 |
2005-12 | 95 |
2006-01 | 97 |
2006-02 | 98 |
2006-03 | 97 |
2006-04 | 96 |
2006-05 | 95 |
2006-06 | 96 |
2006-07 | 98 |
2006-08 | 98 |
2006-09 | 99 |
2006-10 | 99 |
2006-11 | 99 |
2006-12 | 98 |
2007-01 | 99 |
2007-02 | 99 |
2007-03 | 101 |
2007-04 | 101 |
2007-05 | 108 |
2007-06 | 108 |
2007-07 | 107 |
2007-08 | 104 |
2007-09 | 101 |
2007-10 | 100 |
2007-11 | 94 |
2007-12 | 94 |
2008-01 | 90 |
2008-02 | 90 |
2008-03 | 89 |
2008-04 | 88 |
2008-05 | 85 |
2008-06 | 82 |
2008-07 | 81 |
2008-08 | 82 |
2008-09 | 84 |
2008-10 | 82 |
2008-11 | 83 |
2008-12 | 83 |
2009-01 | 84 |
2009-02 | 84 |
2009-03 | 84 |
2009-04 | 86 |
2009-05 | 86 |
2009-06 | 89 |
2009-07 | 89 |
2009-08 | 89 |
2009-09 | 90 |
2009-10 | 90 |
2009-11 | 93 |
2009-12 | 94 |
2010-01 | 94 |
2010-02 | 92 |
2010-03 | 91 |
2010-04 | 89 |
2010-05 | 88 |
2010-06 | 87 |
2010-07 | 87 |
2010-08 | 89 |
2010-09 | 90 |
2010-10 | 91 |
2010-11 | 93 |
2010-12 | 90 |
2011-01 | 89 |
2011-02 | 89 |
2011-03 | 87 |
2011-04 | 86 |
2011-05 | 87 |
2011-06 | 86 |
2011-07 | 89 |
2011-08 | 86 |
2011-09 | 84 |
2011-10 | 87 |
2011-11 | 84 |
2011-12 | 83 |
2012-01 | 84 |
2012-02 | 85 |
2012-03 | 89 |
2012-04 | 90 |
2012-05 | 92 |
2012-06 | 92 |
2012-07 | 89 |
2012-08 | 86 |
2012-09 | 85 |
2012-10 | 84 |
2012-11 | 84 |
2012-12 | 86 |
2013-01 | 85 |
2013-02 | 86 |
2013-03 | 83 |
2013-04 | 84 |
2013-05 | 80 |
2013-06 | 79 |
2013-07 | 83 |
2013-08 | 85 |
2013-09 | 86 |
2013-10 | 87 |
2013-11 | 84 |
2013-12 | 85 |
2014-01 | 86 |
2014-02 | 85 |
2014-03 | 88 |
2014-04 | 86 |
2014-05 | 85 |
2014-06 | 85 |
2014-07 | 87 |
2014-08 | 86 |
2014-09 | 86 |
2014-10 | 86 |
2014-11 | 87 |
2014-12 | 90 |
2015-01 | 90 |
2015-02 | 92 |
2015-03 | 94 |
2015-04 | 95 |
2015-05 | 93 |
2015-06 | 93 |
2015-07 | 93 |
2015-08 | 94 |
2015-09 | 97 |
2015-10 | 96 |
2015-11 | 96 |
2015-12 | 96 |
2016-01 | 97 |
2016-02 | 96 |
2016-03 | 95 |
2016-04 | 94 |
2016-05 | 98 |
2016-06 | 96 |
2016-07 | 95 |
2016-08 | 96 |
2016-09 | 97 |
2016-10 | 98 |
2016-11 | 99 |
2016-12 | 99 |
2017-01 | 100 |
2017-02 | 101 |
2017-03 | 101 |
2017-04 | 100 |
2017-05 | 102 |
2017-06 | 108 |
2017-07 | 104 |
2017-08 | 103 |
2017-09 | 101 |
2017-10 | 101 |
2017-11 | 103 |
2017-12 | 105 |
2018-01 | 105 |
2018-02 | 100 |
2018-03 | 100 |
2018-04 | 101 |
2018-05 | 99 |
2018-06 | 96 |
2018-07 | 97 |
2018-08 | 96 |
2018-09 | 94 |
2018-10 | 95 |
2018-11 | 92 |
2018-12 | 87 |
2019-01 | 92 |
2019-02 | 95 |
2019-03 | 96 |
2019-04 | 97 |
2019-05 | 99 |
2019-06 | 101 |
2019-07 | 102 |
2019-08 | 103 |
2019-09 | 104 |
2019-10 | 104 |
2019-11 | 106 |
graphiqueConsumer confidence synthetic index
Personal situation
Financial situation: slight increase
In November, households' opinion balance on their future financial situation has gained two points and the one related to their past financial situation has gained one point. These two balances thus remain above their long-term average.
Furthermore, the share of households considering it is a suitable time to make major purchases has slightly increased compared to last month: the corresponding balance has increased by one point and remains well above its long term average.
Expected saving capacity: stability
In November, households’ opinion on their expected saving capacity has remained stable while the current saving capacity balance has fallen by one point. Nevertheless, both balances remain well above their long-term average.
The share of households considering it is a suitable time to save has fallen slightly: the corresponding balance has lost one point and thus remains below its long term average.
tableauBalances on personal financial situation and standard of living in France
Standard of living, future | Standard of living, past | Financial situation, future | Financial situation, past | |
---|---|---|---|---|
2010-01 | -32 | -62 | -9 | -24 |
2010-02 | -34 | -67 | -12 | -27 |
2010-03 | -40 | -69 | -13 | -26 |
2010-04 | -46 | -69 | -16 | -27 |
2010-05 | -52 | -69 | -19 | -27 |
2010-06 | -55 | -71 | -19 | -27 |
2010-07 | -49 | -71 | -19 | -30 |
2010-08 | -43 | -66 | -18 | -29 |
2010-09 | -42 | -64 | -18 | -28 |
2010-10 | -40 | -64 | -15 | -28 |
2010-11 | -38 | -64 | -11 | -23 |
2010-12 | -42 | -68 | -16 | -26 |
2011-01 | -44 | -70 | -18 | -26 |
2011-02 | -46 | -67 | -18 | -27 |
2011-03 | -51 | -69 | -23 | -29 |
2011-04 | -56 | -71 | -21 | -31 |
2011-05 | -49 | -68 | -20 | -31 |
2011-06 | -48 | -68 | -21 | -33 |
2011-07 | -42 | -67 | -18 | -31 |
2011-08 | -56 | -71 | -23 | -30 |
2011-09 | -55 | -75 | -24 | -31 |
2011-10 | -51 | -73 | -21 | -29 |
2011-11 | -59 | -74 | -25 | -30 |
2011-12 | -57 | -74 | -30 | -32 |
2012-01 | -54 | -73 | -27 | -32 |
2012-02 | -49 | -73 | -26 | -32 |
2012-03 | -40 | -68 | -19 | -29 |
2012-04 | -38 | -66 | -16 | -29 |
2012-05 | -30 | -65 | -16 | -26 |
2012-06 | -30 | -68 | -16 | -27 |
2012-07 | -43 | -69 | -19 | -27 |
2012-08 | -51 | -72 | -19 | -29 |
2012-09 | -57 | -75 | -21 | -29 |
2012-10 | -60 | -73 | -25 | -29 |
2012-11 | -55 | -73 | -25 | -31 |
2012-12 | -54 | -69 | -23 | -29 |
2013-01 | -58 | -69 | -25 | -28 |
2013-02 | -56 | -71 | -24 | -27 |
2013-03 | -61 | -75 | -26 | -29 |
2013-04 | -62 | -76 | -25 | -28 |
2013-05 | -63 | -79 | -26 | -37 |
2013-06 | -66 | -80 | -27 | -35 |
2013-07 | -57 | -77 | -24 | -34 |
2013-08 | -50 | -73 | -22 | -33 |
2013-09 | -46 | -72 | -20 | -33 |
2013-10 | -45 | -69 | -18 | -35 |
2013-11 | -53 | -75 | -19 | -34 |
2013-12 | -50 | -73 | -22 | -34 |
2014-01 | -48 | -71 | -19 | -35 |
2014-02 | -52 | -72 | -20 | -34 |
2014-03 | -47 | -69 | -19 | -29 |
2014-04 | -45 | -70 | -27 | -32 |
2014-05 | -50 | -70 | -23 | -33 |
2014-06 | -48 | -69 | -20 | -36 |
2014-07 | -49 | -70 | -17 | -32 |
2014-08 | -47 | -70 | -20 | -33 |
2014-09 | -51 | -71 | -20 | -30 |
2014-10 | -50 | -74 | -20 | -31 |
2014-11 | -48 | -68 | -17 | -33 |
2014-12 | -44 | -67 | -16 | -27 |
2015-01 | -42 | -66 | -17 | -29 |
2015-02 | -37 | -61 | -15 | -27 |
2015-03 | -34 | -59 | -13 | -27 |
2015-04 | -35 | -57 | -12 | -24 |
2015-05 | -34 | -58 | -14 | -27 |
2015-06 | -35 | -58 | -12 | -27 |
2015-07 | -36 | -59 | -12 | -29 |
2015-08 | -33 | -57 | -12 | -29 |
2015-09 | -28 | -52 | -6 | -26 |
2015-10 | -30 | -54 | -10 | -24 |
2015-11 | -31 | -53 | -10 | -24 |
2015-12 | -32 | -54 | -7 | -26 |
2016-01 | -27 | -56 | -9 | -24 |
2016-02 | -32 | -56 | -10 | -24 |
2016-03 | -35 | -57 | -12 | -24 |
2016-04 | -36 | -57 | -13 | -25 |
2016-05 | -28 | -48 | -10 | -25 |
2016-06 | -33 | -54 | -10 | -23 |
2016-07 | -32 | -53 | -10 | -28 |
2016-08 | -34 | -54 | -10 | -22 |
2016-09 | -29 | -54 | -9 | -23 |
2016-10 | -27 | -53 | -7 | -23 |
2016-11 | -25 | -48 | -7 | -24 |
2016-12 | -25 | -52 | -8 | -22 |
2017-01 | -27 | -48 | -5 | -22 |
2017-02 | -23 | -48 | -5 | -22 |
2017-03 | -23 | -47 | -7 | -20 |
2017-04 | -22 | -50 | -10 | -19 |
2017-05 | -17 | -45 | -6 | -19 |
2017-06 | 1 | -40 | -4 | -14 |
2017-07 | -10 | -40 | -11 | -17 |
2017-08 | -20 | -40 | -9 | -17 |
2017-09 | -20 | -41 | -11 | -21 |
2017-10 | -22 | -39 | -15 | -21 |
2017-11 | -18 | -38 | -10 | -19 |
2017-12 | -16 | -32 | -10 | -17 |
2018-01 | -19 | -31 | -12 | -16 |
2018-02 | -24 | -36 | -18 | -23 |
2018-03 | -24 | -39 | -12 | -24 |
2018-04 | -22 | -35 | -11 | -26 |
2018-05 | -28 | -39 | -14 | -25 |
2018-06 | -32 | -46 | -14 | -27 |
2018-07 | -31 | -47 | -12 | -28 |
2018-08 | -29 | -46 | -12 | -30 |
2018-09 | -35 | -49 | -17 | -30 |
2018-10 | -30 | -52 | -15 | -29 |
2018-11 | -43 | -57 | -17 | -28 |
2018-12 | -42 | -67 | -22 | -33 |
2019-01 | -32 | -64 | -14 | -28 |
2019-02 | -29 | -57 | -12 | -25 |
2019-03 | -29 | -53 | -10 | -26 |
2019-04 | -29 | -53 | -8 | -25 |
2019-05 | -25 | -51 | -5 | -23 |
2019-06 | -23 | -43 | -6 | -22 |
2019-07 | -23 | -41 | -5 | -20 |
2019-08 | -21 | -43 | -4 | -18 |
2019-09 | -21 | -39 | -2 | -18 |
2019-10 | -21 | -37 | -3 | -18 |
2019-11 | -20 | -34 | -1 | -17 |
graphiqueBalances on personal financial situation and standard of living in France
tableauCONSUMER OPINION: synthetic index and opinion balances
Avg. (1) | August 19 | Sept 19 | Oct 19 | Nov 19 | |
---|---|---|---|---|---|
Synthetic index (2) | 100 | 103 | 104 | 104 | 106 |
Financial sit., past 12 m. | -21 | -18 | -18 | -18 | -17 |
Financial sit., next 12 m. | -6 | -4 | -2 | -3 | -1 |
Current saving capacity | 8 | 13 | 14 | 14 | 13 |
Expected saving capacity | -9 | 1 | 4 | 0 | 0 |
Savings intentions, next 12 m. | 17 | 12 | 10 | 11 | 10 |
Major purchases intentions, next 12 m. | -14 | -8 | -7 | -5 | -4 |
Standard of living, past 12 m. | -45 | -43 | -39 | -37 | -34 |
Standard of living, next 12 m. | -25 | -21 | -21 | -21 | -20 |
Unemployment, next 12 m. | 33 | 7 | 1 | 2 | 0 |
Consumer prices, past 12 m. | -17 | -26 | -27 | -26 | -32 |
Consumer prices, next 12 m. | -33 | -21 | -25 | -23 | -24 |
- (1) Average value between January 1987 and December 2018
- (2) The indicator is normalised in such a way that its average equals 100 and standard error equals 10 over the estimation period (1987–2018).
- Source: INSEE, monthly consumer confidence survey
Economic situation in France
Past standard of living in France: rising again
In November, the share of households considering that the past standard of living in France has improved during the past twelve months has increased again: the corresponding balance has increased by three points. It stands above its long-term average.
Households’ opinion balance about the future standard of living in France has also increased (+1 point) after three months of stability. It also stands above its long-term average.
Unemployment: declining fears
Households' fears about the unemployment trend have declined in November: the corresponding balance has lost two points and remains well below its long-term average.
tableauHouseholds' unemployment expectations
Households' unemployment expectations | |
---|---|
2010-01 | 55 |
2010-02 | 49 |
2010-03 | 58 |
2010-04 | 57 |
2010-05 | 58 |
2010-06 | 65 |
2010-07 | 59 |
2010-08 | 46 |
2010-09 | 31 |
2010-10 | 34 |
2010-11 | 35 |
2010-12 | 34 |
2011-01 | 37 |
2011-02 | 41 |
2011-03 | 33 |
2011-04 | 35 |
2011-05 | 27 |
2011-06 | 29 |
2011-07 | 37 |
2011-08 | 51 |
2011-09 | 57 |
2011-10 | 49 |
2011-11 | 61 |
2011-12 | 59 |
2012-01 | 57 |
2012-02 | 56 |
2012-03 | 52 |
2012-04 | 55 |
2012-05 | 43 |
2012-06 | 53 |
2012-07 | 65 |
2012-08 | 73 |
2012-09 | 73 |
2012-10 | 73 |
2012-11 | 70 |
2012-12 | 74 |
2013-01 | 72 |
2013-02 | 73 |
2013-03 | 77 |
2013-04 | 74 |
2013-05 | 78 |
2013-06 | 78 |
2013-07 | 61 |
2013-08 | 56 |
2013-09 | 51 |
2013-10 | 37 |
2013-11 | 62 |
2013-12 | 48 |
2014-01 | 55 |
2014-02 | 55 |
2014-03 | 54 |
2014-04 | 57 |
2014-05 | 61 |
2014-06 | 67 |
2014-07 | 67 |
2014-08 | 62 |
2014-09 | 67 |
2014-10 | 52 |
2014-11 | 66 |
2014-12 | 65 |
2015-01 | 66 |
2015-02 | 58 |
2015-03 | 43 |
2015-04 | 61 |
2015-05 | 62 |
2015-06 | 61 |
2015-07 | 58 |
2015-08 | 50 |
2015-09 | 45 |
2015-10 | 47 |
2015-11 | 36 |
2015-12 | 45 |
2016-01 | 36 |
2016-02 | 44 |
2016-03 | 39 |
2016-04 | 51 |
2016-05 | 25 |
2016-06 | 26 |
2016-07 | 28 |
2016-08 | 33 |
2016-09 | 29 |
2016-10 | 30 |
2016-11 | 28 |
2016-12 | 19 |
2017-01 | 18 |
2017-02 | 19 |
2017-03 | 20 |
2017-04 | 15 |
2017-05 | 22 |
2017-06 | 6 |
2017-07 | 9 |
2017-08 | -1 |
2017-09 | 16 |
2017-10 | 12 |
2017-11 | 4 |
2017-12 | 6 |
2018-01 | 1 |
2018-02 | 4 |
2018-03 | 4 |
2018-04 | 4 |
2018-05 | 4 |
2018-06 | 16 |
2018-07 | 14 |
2018-08 | 23 |
2018-09 | 22 |
2018-10 | 6 |
2018-11 | 28 |
2018-12 | 31 |
2019-01 | 32 |
2019-02 | 11 |
2019-03 | 21 |
2019-04 | 26 |
2019-05 | 15 |
2019-06 | 14 |
2019-07 | 12 |
2019-08 | 7 |
2019-09 | 1 |
2019-10 | 2 |
2019-11 | 0 |
graphiqueHouseholds' unemployment expectations
Perceived and expected inflation: declining
In November, households considering that prices were on the rise during the past twelve months have been less numerous than the previous month: the corresponding balance has lost six points and remains well below its long-term average. Similarly, households considering that prices will be on the rise during the next twelve months have been slightly less numerous than the previous month: the corresponding balance has lost one point but remains above its long-term average.
tableauHouseholds' perception of prices
Past prices | Future prices | |
---|---|---|
2010-01 | -14 | -41 |
2010-02 | -19 | -41 |
2010-03 | -19 | -39 |
2010-04 | -10 | -34 |
2010-05 | -11 | -28 |
2010-06 | -10 | -29 |
2010-07 | -6 | -27 |
2010-08 | -4 | -24 |
2010-09 | -2 | -29 |
2010-10 | 0 | -25 |
2010-11 | 3 | -25 |
2010-12 | 9 | -22 |
2011-01 | 18 | -19 |
2011-02 | 25 | -9 |
2011-03 | 30 | 6 |
2011-04 | 46 | 0 |
2011-05 | 40 | -13 |
2011-06 | 33 | -14 |
2011-07 | 32 | -18 |
2011-08 | 27 | -18 |
2011-09 | 25 | -20 |
2011-10 | 22 | -23 |
2011-11 | 20 | -15 |
2011-12 | 19 | -16 |
2012-01 | 21 | -16 |
2012-02 | 23 | -11 |
2012-03 | 22 | -21 |
2012-04 | 27 | -20 |
2012-05 | 12 | -32 |
2012-06 | 12 | -34 |
2012-07 | -2 | -25 |
2012-08 | -1 | -16 |
2012-09 | 3 | -13 |
2012-10 | -1 | -15 |
2012-11 | -4 | -14 |
2012-12 | -7 | -19 |
2013-01 | -8 | -19 |
2013-02 | -10 | -22 |
2013-03 | -10 | -14 |
2013-04 | -13 | -20 |
2013-05 | -16 | -17 |
2013-06 | -11 | -19 |
2013-07 | -8 | -17 |
2013-08 | -3 | -21 |
2013-09 | 4 | -24 |
2013-10 | -8 | -22 |
2013-11 | -8 | -22 |
2013-12 | -8 | -17 |
2014-01 | -15 | -15 |
2014-02 | -19 | -22 |
2014-03 | -23 | -27 |
2014-04 | -24 | -29 |
2014-05 | -23 | -26 |
2014-06 | -28 | -31 |
2014-07 | -31 | -31 |
2014-08 | -35 | -37 |
2014-09 | -40 | -33 |
2014-10 | -38 | -29 |
2014-11 | -38 | -36 |
2014-12 | -46 | -43 |
2015-01 | -50 | -45 |
2015-02 | -51 | -45 |
2015-03 | -53 | -48 |
2015-04 | -51 | -43 |
2015-05 | -56 | -40 |
2015-06 | -54 | -38 |
2015-07 | -52 | -37 |
2015-08 | -50 | -36 |
2015-09 | -53 | -41 |
2015-10 | -50 | -42 |
2015-11 | -50 | -40 |
2015-12 | -51 | -39 |
2016-01 | -52 | -40 |
2016-02 | -56 | -39 |
2016-03 | -58 | -37 |
2016-04 | -58 | -37 |
2016-05 | -53 | -38 |
2016-06 | -53 | -36 |
2016-07 | -51 | -37 |
2016-08 | -51 | -35 |
2016-09 | -45 | -35 |
2016-10 | -52 | -39 |
2016-11 | -52 | -38 |
2016-12 | -48 | -29 |
2017-01 | -44 | -23 |
2017-02 | -46 | -31 |
2017-03 | -47 | -25 |
2017-04 | -51 | -27 |
2017-05 | -56 | -34 |
2017-06 | -56 | -40 |
2017-07 | -53 | -31 |
2017-08 | -54 | -32 |
2017-09 | -54 | -30 |
2017-10 | -50 | -25 |
2017-11 | -45 | -27 |
2017-12 | -46 | -34 |
2018-01 | -41 | -14 |
2018-02 | -34 | -19 |
2018-03 | -39 | -23 |
2018-04 | -40 | -25 |
2018-05 | -31 | -18 |
2018-06 | -26 | -20 |
2018-07 | -25 | -21 |
2018-08 | -25 | -22 |
2018-09 | -15 | -17 |
2018-10 | -14 | -16 |
2018-11 | -9 | -12 |
2018-12 | -9 | -24 |
2019-01 | -33 | -38 |
2019-02 | -27 | -18 |
2019-03 | -20 | -23 |
2019-04 | -20 | -21 |
2019-05 | -20 | -22 |
2019-06 | -19 | -22 |
2019-07 | -25 | -23 |
2019-08 | -26 | -21 |
2019-09 | -27 | -25 |
2019-10 | -26 | -23 |
2019-11 | -32 | -24 |
graphiqueHouseholds' perception of prices
For more information
Definition – The synthetic households’ confidence index summarizes households’ opinion on the economic situation: the higher its value, the more favorable households’ judgment of the economic situation is. It is calculated using a factor analysis technique, which enables to summarize concomitant movements of highly correlated variables. The index describes here the common factor of 8 balances of opinion: past and future general economic situation in France, past and future personal financial situation, unemployment, major purchases intentions, current savings capacity and expected savings capacity.
Calculation method – Around 2,000 households are surveyed by telephone, during the first three weeks of each month. Answers to this survey were collected between October 29 and November 18 2019. For each question, a balance of opinion is calculated as the difference between the percentages of positive and negative answers. Since the level of these balances is not open to direct interpretation, comments are based on their changes and their distance to their long–term average. Seasonal coefficients are calculated again every month, hence the slight revision of the seasonal adjusted balances history at each publication. Moreover, long term averages and seasonal coefficient models have been updated for this publication, thanks to the integration of a complete year of additional data.
Next publication: January 8 2020 at 8:45 am