23 April 2020
N° 2020-105

In April 2020, the French business climate has fallen very sharply, as well as the employment climateBusiness climate indicator and turning point indicator - April 2020

In April 2020, the business climate has lost more than 30 points, linked to the lockdown of a large part of the population. It is the largest drop in a month since the start of the series (1980). The composite indicator, compiled from the answers of business managers in the main market sectors, has fallen to 62: this level is the lowest since the start of the series; the previous lowest level was 69 and was reached in March 2009.

Informations rapides
No 105
Paru le : Paru le 23/04/2020
Prochaine parution le : 24/06/2020 at 08:45 - June 2020
Informations rapides  No 105 - April 2020
Warning

Given the context of the fight against the spread of COVID-19, the statistics published in this issue of Informations Rapides may be less accurate than usual.

Companies’ responses were collected between 25 March and 17 April 2020, during general lockdown, solely online and without any reminder. Consequently, the response rate is lower this month than usual.

Given the usual non-response completion design, relying on past answers for non-responding firms, it is possible that some indicators are overestimated in this publication.

The French business climate has fallen in an unprecedented way

In April 2020, the business climate has lost more than 30 points, linked to the lockdown of a large part of the population. It is the largest drop in a month since the start of the series (1980). The composite indicator, compiled from the answers of business managers in the main market sectors, has fallen to 62: this level is the lowest since the start of the series; the previous lowest level was 69 and was reached in March 2009.

French business climate composite indicator

French business climate composite indicator
French business climate composite indicator
1998-01 108.9
1998-02 110.1
1998-03 113.1
1998-04 111.0
1998-05 112.1
1998-06 113.2
1998-07 112.5
1998-08 111.6
1998-09 109.5
1998-10 107.0
1998-11 105.0
1998-12 102.2
1999-01 102.3
1999-02 102.3
1999-03 100.6
1999-04 101.4
1999-05 103.2
1999-06 102.6
1999-07 107.6
1999-08 110.5
1999-09 113.7
1999-10 115.7
1999-11 117.2
1999-12 118.6
2000-01 115.6
2000-02 116.1
2000-03 116.9
2000-04 116.6
2000-05 115.9
2000-06 117.3
2000-07 116.9
2000-08 117.5
2000-09 117.6
2000-10 116.2
2000-11 114.0
2000-12 113.4
2001-01 112.4
2001-02 112.3
2001-03 112.3
2001-04 107.2
2001-05 105.0
2001-06 104.0
2001-07 101.8
2001-08 100.5
2001-09 98.8
2001-10 94.1
2001-11 94.2
2001-12 94.7
2002-01 96.0
2002-02 96.6
2002-03 98.5
2002-04 101.7
2002-05 103.0
2002-06 102.0
2002-07 99.1
2002-08 98.4
2002-09 97.3
2002-10 95.7
2002-11 97.1
2002-12 99.6
2003-01 96.2
2003-02 95.2
2003-03 89.9
2003-04 87.7
2003-05 92.3
2003-06 92.3
2003-07 94.6
2003-08 95.5
2003-09 95.5
2003-10 96.5
2003-11 100.6
2003-12 101.9
2004-01 105.7
2004-02 104.8
2004-03 105.0
2004-04 105.8
2004-05 105.7
2004-06 105.1
2004-07 106.5
2004-08 106.7
2004-09 106.5
2004-10 107.5
2004-11 105.1
2004-12 106.3
2005-01 105.9
2005-02 106.0
2005-03 105.7
2005-04 104.9
2005-05 102.7
2005-06 103.8
2005-07 104.4
2005-08 104.3
2005-09 103.6
2005-10 106.4
2005-11 106.4
2005-12 107.7
2006-01 109.0
2006-02 107.2
2006-03 107.3
2006-04 108.0
2006-05 109.7
2006-06 109.1
2006-07 110.8
2006-08 111.1
2006-09 111.6
2006-10 111.5
2006-11 112.3
2006-12 110.8
2007-01 110.7
2007-02 112.4
2007-03 112.8
2007-04 113.5
2007-05 113.9
2007-06 115.0
2007-07 114.3
2007-08 113.0
2007-09 112.2
2007-10 111.5
2007-11 111.7
2007-12 111.3
2008-01 110.1
2008-02 108.7
2008-03 108.4
2008-04 105.7
2008-05 102.9
2008-06 100.0
2008-07 95.8
2008-08 94.5
2008-09 91.8
2008-10 83.1
2008-11 79.7
2008-12 75.9
2009-01 74.3
2009-02 71.8
2009-03 68.8
2009-04 69.8
2009-05 73.4
2009-06 76.2
2009-07 78.3
2009-08 82.1
2009-09 85.6
2009-10 88.2
2009-11 90.4
2009-12 91.0
2010-01 93.0
2010-02 93.5
2010-03 92.9
2010-04 97.1
2010-05 98.2
2010-06 97.8
2010-07 100.0
2010-08 102.3
2010-09 103.8
2010-10 104.8
2010-11 105.1
2010-12 106.8
2011-01 107.8
2011-02 108.5
2011-03 109.5
2011-04 109.2
2011-05 108.1
2011-06 108.4
2011-07 106.3
2011-08 101.1
2011-09 97.8
2011-10 96.5
2011-11 94.6
2011-12 93.2
2012-01 92.4
2012-02 92.3
2012-03 94.8
2012-04 95.5
2012-05 92.0
2012-06 90.9
2012-07 88.8
2012-08 88.3
2012-09 86.7
2012-10 84.7
2012-11 86.6
2012-12 87.2
2013-01 87.1
2013-02 87.1
2013-03 85.1
2013-04 83.7
2013-05 84.8
2013-06 85.9
2013-07 87.8
2013-08 91.0
2013-09 94.2
2013-10 93.9
2013-11 93.1
2013-12 92.9
2014-01 93.6
2014-02 93.4
2014-03 94.8
2014-04 94.6
2014-05 94.3
2014-06 93.1
2014-07 92.5
2014-08 91.3
2014-09 90.5
2014-10 90.7
2014-11 92.5
2014-12 92.7
2015-01 93.0
2015-02 93.8
2015-03 95.0
2015-04 96.1
2015-05 97.0
2015-06 97.8
2015-07 98.3
2015-08 99.8
2015-09 99.6
2015-10 100.6
2015-11 100.7
2015-12 99.1
2016-01 101.0
2016-02 100.1
2016-03 100.2
2016-04 100.2
2016-05 102.0
2016-06 100.3
2016-07 100.9
2016-08 100.6
2016-09 100.9
2016-10 101.2
2016-11 101.5
2016-12 103.8
2017-01 103.5
2017-02 104.0
2017-03 104.0
2017-04 104.2
2017-05 105.2
2017-06 106.7
2017-07 107.5
2017-08 108.6
2017-09 109.1
2017-10 109.1
2017-11 110.4
2017-12 111.4
2018-01 110.7
2018-02 109.7
2018-03 109.3
2018-04 108.5
2018-05 106.6
2018-06 106.5
2018-07 105.8
2018-08 105.2
2018-09 105.0
2018-10 103.9
2018-11 104.4
2018-12 101.5
2019-01 102.1
2019-02 103.1
2019-03 104.6
2019-04 105.3
2019-05 106.0
2019-06 106.2
2019-07 105.1
2019-08 105.3
2019-09 106.2
2019-10 105.4
2019-11 105.8
2019-12 105.0
2020-01 104.7
2020-02 105.0
2020-03 94.4
2020-04 61.7

French business climate composite indicator

  • Source: INSEE

The employment climate is also at its lowest

In April 2020, the employment climate has lost 25 points, after losing 11 in March. At 70, it stands at its lowest level since the start of the series (1991); the previous lowest level was 71 and was reached in March and May 2009.

French employment climate composite indicator

French employment climate composite indicator
French employment climate composite indicator
1998-01 102.0
1998-02 103.7
1998-03 105.7
1998-04 107.3
1998-05 107.9
1998-06 109.0
1998-07 110.3
1998-08 108.5
1998-09 106.7
1998-10 105.7
1998-11 105.4
1998-12 104.7
1999-01 104.0
1999-02 105.5
1999-03 106.8
1999-04 108.2
1999-05 108.4
1999-06 109.0
1999-07 109.7
1999-08 112.3
1999-09 114.9
1999-10 117.2
1999-11 118.1
1999-12 118.7
2000-01 119.1
2000-02 117.0
2000-03 115.0
2000-04 113.0
2000-05 116.9
2000-06 120.6
2000-07 117.4
2000-08 119.2
2000-09 120.2
2000-10 120.4
2000-11 122.5
2000-12 121.0
2001-01 118.9
2001-02 119.7
2001-03 118.6
2001-04 117.6
2001-05 113.4
2001-06 111.4
2001-07 107.5
2001-08 108.0
2001-09 107.8
2001-10 108.8
2001-11 102.9
2001-12 105.2
2002-01 102.8
2002-02 100.8
2002-03 102.5
2002-04 107.0
2002-05 104.3
2002-06 102.8
2002-07 103.7
2002-08 101.2
2002-09 98.1
2002-10 94.3
2002-11 97.9
2002-12 96.6
2003-01 97.6
2003-02 95.8
2003-03 91.9
2003-04 90.5
2003-05 89.6
2003-06 92.4
2003-07 93.4
2003-08 94.1
2003-09 94.2
2003-10 94.9
2003-11 94.0
2003-12 97.0
2004-01 98.6
2004-02 97.2
2004-03 100.8
2004-04 101.1
2004-05 104.1
2004-06 101.0
2004-07 101.9
2004-08 101.8
2004-09 101.4
2004-10 103.0
2004-11 103.3
2004-12 102.0
2005-01 102.2
2005-02 102.1
2005-03 104.9
2005-04 102.2
2005-05 102.9
2005-06 102.3
2005-07 102.8
2005-08 103.5
2005-09 103.9
2005-10 104.2
2005-11 103.8
2005-12 103.1
2006-01 104.1
2006-02 104.1
2006-03 104.6
2006-04 107.3
2006-05 108.5
2006-06 110.7
2006-07 110.3
2006-08 109.5
2006-09 108.3
2006-10 109.3
2006-11 111.1
2006-12 111.8
2007-01 109.8
2007-02 111.9
2007-03 111.6
2007-04 112.1
2007-05 114.0
2007-06 113.5
2007-07 111.6
2007-08 113.2
2007-09 114.0
2007-10 112.1
2007-11 113.7
2007-12 115.4
2008-01 114.7
2008-02 114.7
2008-03 113.0
2008-04 113.3
2008-05 108.6
2008-06 104.7
2008-07 105.7
2008-08 100.6
2008-09 99.3
2008-10 94.5
2008-11 87.1
2008-12 81.8
2009-01 79.0
2009-02 77.4
2009-03 71.2
2009-04 71.8
2009-05 70.8
2009-06 72.0
2009-07 76.1
2009-08 81.2
2009-09 80.4
2009-10 82.6
2009-11 84.9
2009-12 87.5
2010-01 89.0
2010-02 89.4
2010-03 92.2
2010-04 94.6
2010-05 96.6
2010-06 97.8
2010-07 98.1
2010-08 98.6
2010-09 100.2
2010-10 103.2
2010-11 104.3
2010-12 105.3
2011-01 103.5
2011-02 110.3
2011-03 109.1
2011-04 109.3
2011-05 111.0
2011-06 111.2
2011-07 109.5
2011-08 105.0
2011-09 103.2
2011-10 99.9
2011-11 100.1
2011-12 98.3
2012-01 96.9
2012-02 96.5
2012-03 98.2
2012-04 96.9
2012-05 94.0
2012-06 92.7
2012-07 91.2
2012-08 92.4
2012-09 90.2
2012-10 90.4
2012-11 88.9
2012-12 88.5
2013-01 91.3
2013-02 87.8
2013-03 86.8
2013-04 85.0
2013-05 84.7
2013-06 87.6
2013-07 88.8
2013-08 89.4
2013-09 91.0
2013-10 93.4
2013-11 92.0
2013-12 94.0
2014-01 94.3
2014-02 93.6
2014-03 94.5
2014-04 97.4
2014-05 96.2
2014-06 94.5
2014-07 95.0
2014-08 93.6
2014-09 93.8
2014-10 93.7
2014-11 93.5
2014-12 93.9
2015-01 92.9
2015-02 95.2
2015-03 94.5
2015-04 96.8
2015-05 96.9
2015-06 98.8
2015-07 99.4
2015-08 100.2
2015-09 99.9
2015-10 100.3
2015-11 101.4
2015-12 100.6
2016-01 101.8
2016-02 100.4
2016-03 99.2
2016-04 100.1
2016-05 102.0
2016-06 101.2
2016-07 104.2
2016-08 103.1
2016-09 104.7
2016-10 104.9
2016-11 105.0
2016-12 106.8
2017-01 105.4
2017-02 104.4
2017-03 107.4
2017-04 106.6
2017-05 107.2
2017-06 107.9
2017-07 107.4
2017-08 105.7
2017-09 106.9
2017-10 108.7
2017-11 108.4
2017-12 109.0
2018-01 109.4
2018-02 110.1
2018-03 109.8
2018-04 108.9
2018-05 109.1
2018-06 110.0
2018-07 108.4
2018-08 107.6
2018-09 107.3
2018-10 107.2
2018-11 105.2
2018-12 104.6
2019-01 105.0
2019-02 107.0
2019-03 107.1
2019-04 106.9
2019-05 104.7
2019-06 106.1
2019-07 106.1
2019-08 105.4
2019-09 105.9
2019-10 105.9
2019-11 106.7
2019-12 107.2
2020-01 104.7
2020-02 104.9
2020-03 95.3
2020-04 70.1

French employment climate composite indicator

  • Source: INSEE.

Revisions

Compared to its first estimate in March 2020, the global composite business climate indicator and the employment climate have been revised downwards by one point, and the one in retail trade by two points. These revisions result mainly from the integration of late responses from companies. The other climate indicators are unchanged.

For further information

The business climate and turning point indicators summarise the information provided by the surveys in manufacturing, services, trade (retail and wholesale), and construction. The business climate is built from 26 balances of opinion from these surveys while the turning point indicator is built from 14 balances of opinion from surveys in manufacturing, services and construction. The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and construction.

The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.

Next issue: 26 May 2020 at 08:45 am

Documentation

Abbreviated Methodology (pdf, 130 Ko)

The business climate and turning point indicators summarise the information provided by the surveys in manufacturing, services, trade (retail and wholesale), and construction. The business climate is built from 26 balances of opinion from these surveys while the turning point indicator is built from 14 balances of opinion from surveys in manufacturing, services and construction. The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and construction.

The balances of opinion concerning employment in services that are used in the employment climate distinguish the services excluding temporary work employment sector from temporary work agencies. For the latter, the balances on past and expected workforce size are not weighted, unlike the other sectors.

Next issue: 26 May 2020 at 08:45 am


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