23 April 2020
2020- n° 105In April 2020, the French business climate has fallen very sharply, as well as the
employment climate Business 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.
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.
tableauFrench 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 |
graphiqueFrench 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.
tableauFrench 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 |
graphiqueFrench 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)
Pour en savoir plus
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
