Informations Rapides · 24 June 2021 · n° 163
In June 2021, the French business climate and the employment climate have improved significantly again Business indicator - June 2021

In June 2021, the business climate has improved significantly again. The indicator that synthesizes it, calculated from the responses of business leaders in the main market sectors of activity, has gained 5 points. At 113, it stands at the highest level since mid-2007, far above its pre-health crisis level (105), and, even more so, above its long term average (100). This further improvement in the business climate is mainly driven by the increase in the balance of opinion on the general business outlook in services.

Informations rapides

N^o 163

Paru le :Paru le24/06/2021

Prochaine parution le : 24/07/2025 at 08:45 - July 2025

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In June 2021, the business climate indicator in France has improved significantly
The employment climate has improved sharply too
Revisions
For further information

In June 2021, the business climate indicator in France has improved significantly

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tableauFrench business climate composite indicator

French business climate composite indicator
	French business climate composite indicator
2005-01	106.0
2005-02	106.2
2005-03	105.8
2005-04	105.0
2005-05	102.8
2005-06	103.9
2005-07	104.5
2005-08	104.3
2005-09	103.7
2005-10	106.5
2005-11	106.5
2005-12	107.8
2006-01	109.1
2006-02	107.3
2006-03	107.4
2006-04	108.1
2006-05	109.6
2006-06	109.1
2006-07	110.8
2006-08	111.1
2006-09	111.5
2006-10	111.4
2006-11	112.2
2006-12	110.7
2007-01	110.7
2007-02	112.3
2007-03	112.7
2007-04	113.4
2007-05	113.8
2007-06	114.9
2007-07	114.2
2007-08	112.9
2007-09	112.1
2007-10	111.4
2007-11	111.6
2007-12	111.2
2008-01	110.1
2008-02	108.7
2008-03	108.4
2008-04	105.7
2008-05	103.0
2008-06	100.2
2008-07	96.2
2008-08	94.9
2008-09	92.2
2008-10	83.9
2008-11	80.5
2008-12	76.9
2009-01	75.4
2009-02	73.1
2009-03	70.2
2009-04	71.4
2009-05	74.8
2009-06	77.6
2009-07	79.6
2009-08	83.3
2009-09	86.7
2009-10	89.2
2009-11	91.3
2009-12	91.8
2010-01	93.8
2010-02	94.3
2010-03	93.6
2010-04	97.7
2010-05	98.7
2010-06	98.3
2010-07	100.5
2010-08	102.7
2010-09	104.2
2010-10	105.2
2010-11	105.4
2010-12	107.0
2011-01	107.9
2011-02	108.6
2011-03	109.5
2011-04	109.3
2011-05	108.2
2011-06	108.5
2011-07	106.4
2011-08	101.3
2011-09	98.1
2011-10	96.9
2011-11	95.0
2011-12	93.7
2012-01	93.0
2012-02	92.9
2012-03	95.4
2012-04	96.0
2012-05	92.7
2012-06	91.6
2012-07	89.6
2012-08	89.1
2012-09	87.6
2012-10	85.6
2012-11	87.5
2012-12	88.1
2013-01	88.0
2013-02	88.0
2013-03	86.1
2013-04	84.7
2013-05	85.8
2013-06	86.9
2013-07	88.8
2013-08	91.9
2013-09	95.0
2013-10	94.7
2013-11	93.8
2013-12	93.8
2014-01	94.4
2014-02	94.2
2014-03	95.5
2014-04	95.3
2014-05	95.0
2014-06	93.9
2014-07	93.3
2014-08	92.0
2014-09	91.3
2014-10	91.5
2014-11	93.2
2014-12	93.4
2015-01	93.8
2015-02	94.6
2015-03	95.7
2015-04	96.8
2015-05	97.7
2015-06	98.5
2015-07	98.9
2015-08	100.4
2015-09	100.1
2015-10	101.0
2015-11	101.2
2015-12	99.7
2016-01	101.5
2016-02	100.5
2016-03	100.6
2016-04	100.6
2016-05	102.4
2016-06	100.8
2016-07	101.4
2016-08	101.0
2016-09	101.4
2016-10	101.6
2016-11	101.9
2016-12	104.2
2017-01	103.9
2017-02	104.3
2017-03	104.3
2017-04	104.5
2017-05	105.5
2017-06	107.0
2017-07	107.9
2017-08	108.8
2017-09	109.3
2017-10	109.2
2017-11	110.5
2017-12	111.5
2018-01	110.8
2018-02	109.8
2018-03	109.5
2018-04	108.6
2018-05	106.8
2018-06	106.6
2018-07	106.0
2018-08	105.4
2018-09	105.2
2018-10	104.1
2018-11	104.7
2018-12	101.8
2019-01	102.3
2019-02	103.4
2019-03	104.9
2019-04	105.5
2019-05	106.2
2019-06	106.3
2019-07	105.3
2019-08	105.6
2019-09	106.4
2019-10	105.6
2019-11	106.0
2019-12	105.2
2020-01	104.9
2020-02	105.2
2020-03	94.6
2020-04	53.8
2020-05	60.5
2020-06	78.6
2020-07	84.3
2020-08	90.5
2020-09	91.8
2020-10	90.2
2020-11	79.4
2020-12	91.1
2021-01	91.4
2021-02	90.4
2021-03	96.8
2021-04	95.7
2021-05	108.0
2021-06	113.0

graphiqueFrench business climate composite indicator

In manufacturing, the business climate has stable, after five months of continuous rise. However, the balance of opinion on the general business outlook of the sector has increased significantly.

In the services sector, the climate has gained 6 points. The balance of opinion on the general business outlook has reached its highest level since September 2000 and, overall, the business managers' expectations have improved very strongly.

In retail trade (including trade and repair of vehicles), the business climate has gained 8 points, especially due to the strong increase in the balance of opinion on the general business outlook, to its highest level since the beginning of the series (January 1991).

Finally, in building construction, the balance of opinion relating to recent activity has improved significantly. The supply difficulties are however deemed on the rise.

tableauBusiness and employment climates

Business and employment climates
	Feb. 21	Mar. 21	Apr. 21	May 21	June 21
Business climates
France	90	97	96	108	113
Manufacturing	98	99	104	107	107
Building construction*	n.a.	n.a.	n.a.	n.a.	n.a.
Services	88	94	92	107	113
Retail trade	89	95	90	107	115
Wholesale trade		99		110

Employment	86	92	92	99	104

* c.f. « For further information »
Source: INSEE, Business tendency surveys

The employment climate has improved sharply too

At the same time, the employment climate has improved significantly again. At 104, it has returned above its long-term average (100) and has approached its pre-health crisis level (105 in January and February 2020). This improvement is again mainly due to the increase in the balance of opinion on the expected trend in employment for the next three months in services excepting temporary employment agencies.

Graphique
Tableau

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tableauFrench employment climate composite indicator

French employment climate composite indicator
	French employment climate composite indicator
2005-01	102.7
2005-02	102.3
2005-03	104.9
2005-04	102.5
2005-05	103.2
2005-06	102.5
2005-07	103.0
2005-08	103.6
2005-09	104.0
2005-10	104.3
2005-11	104.1
2005-12	103.5
2006-01	104.3
2006-02	104.3
2006-03	104.9
2006-04	107.2
2006-05	108.3
2006-06	110.2
2006-07	110.0
2006-08	109.3
2006-09	108.2
2006-10	109.2
2006-11	110.6
2006-12	111.1
2007-01	109.5
2007-02	111.5
2007-03	111.2
2007-04	111.8
2007-05	113.4
2007-06	113.0
2007-07	111.3
2007-08	112.6
2007-09	113.4
2007-10	111.7
2007-11	113.2
2007-12	114.6
2008-01	114.0
2008-02	114.0
2008-03	112.4
2008-04	112.6
2008-05	108.4
2008-06	105.0
2008-07	105.8
2008-08	101.2
2008-09	100.0
2008-10	95.6
2008-11	88.7
2008-12	83.9
2009-01	81.4
2009-02	79.8
2009-03	74.3
2009-04	74.8
2009-05	73.9
2009-06	75.1
2009-07	78.8
2009-08	83.4
2009-09	82.7
2009-10	84.7
2009-11	87.0
2009-12	89.3
2010-01	90.6
2010-02	91.1
2010-03	93.6
2010-04	95.8
2010-05	97.7
2010-06	98.7
2010-07	99.1
2010-08	99.5
2010-09	101.0
2010-10	103.7
2010-11	104.7
2010-12	105.5
2011-01	104.1
2011-02	110.1
2011-03	109.1
2011-04	109.3
2011-05	110.9
2011-06	111.0
2011-07	109.4
2011-08	105.4
2011-09	103.6
2011-10	100.7
2011-11	100.8
2011-12	99.1
2012-01	97.9
2012-02	97.5
2012-03	99.1
2012-04	98.0
2012-05	95.3
2012-06	94.2
2012-07	92.8
2012-08	93.8
2012-09	91.7
2012-10	92.1
2012-11	90.6
2012-12	90.2
2013-01	92.7
2013-02	89.6
2013-03	88.8
2013-04	87.3
2013-05	86.8
2013-06	89.4
2013-07	90.6
2013-08	91.2
2013-09	92.6
2013-10	95.0
2013-11	93.4
2013-12	95.4
2014-01	95.6
2014-02	94.9
2014-03	95.7
2014-04	98.3
2014-05	97.3
2014-06	95.7
2014-07	96.2
2014-08	94.8
2014-09	95.0
2014-10	94.9
2014-11	94.7
2014-12	95.0
2015-01	94.2
2015-02	96.3
2015-03	95.8
2015-04	97.8
2015-05	97.8
2015-06	99.5
2015-07	100.0
2015-08	100.8
2015-09	100.5
2015-10	100.9
2015-11	101.8
2015-12	101.1
2016-01	102.2
2016-02	100.9
2016-03	99.9
2016-04	100.8
2016-05	102.4
2016-06	101.8
2016-07	104.2
2016-08	103.5
2016-09	104.8
2016-10	105.0
2016-11	105.0
2016-12	106.7
2017-01	105.5
2017-02	104.7
2017-03	107.5
2017-04	106.6
2017-05	107.3
2017-06	107.9
2017-07	107.4
2017-08	106.0
2017-09	107.0
2017-10	108.6
2017-11	108.4
2017-12	108.9
2018-01	109.5
2018-02	110.1
2018-03	109.9
2018-04	109.2
2018-05	109.3
2018-06	109.9
2018-07	108.5
2018-08	107.9
2018-09	107.4
2018-10	107.3
2018-11	105.5
2018-12	104.9
2019-01	105.4
2019-02	107.2
2019-03	107.3
2019-04	107.3
2019-05	105.2
2019-06	106.4
2019-07	106.3
2019-08	105.5
2019-09	106.1
2019-10	105.9
2019-11	106.5
2019-12	106.7
2020-01	105.0
2020-02	105.3
2020-03	96.4
2020-04	49.5
2020-05	53.6
2020-06	67.2
2020-07	76.9
2020-08	88.3
2020-09	92.4
2020-10	89.6
2020-11	84.0
2020-12	85.9
2021-01	87.9
2021-02	85.6
2021-03	91.6
2021-04	92.2
2021-05	99.3
2021-06	103.5

graphiqueFrench employment climate composite indicator

Revisions

The employment climate for May 2021 has been revised downwards by one point. This revision is mainly explained by the inclusion of late responses from companies.

For further information

The business climate indicator summarises the information provided by the surveys in manufacturing, services, trade (retail and wholesale), and building construction. It is built from 26 balances of opinion from these surveys. The employment indicator is based on the 10 balances of employment, past and expected, from the surveys in manufacturing, services, retail trade and building 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.

Specifically concerning the building industry, all the balances of opinion resulting from the survey are published in the Informations Rapides issue dedicated to this sector and in the additional series available online. However, it appeared during the health crisis that the synthetic indicator usually calculated from some of these balances of opinion tended to smooth fluctuations in activity measured in the building industry. This is why an overhaul of this synthetic indicator is currently being studied in this sector in order to, if possible, improve its predictive qualities. The French business climate indicator has continued to take into account all the sectors studied, including the building construction industry; its methodology is unchanged.

Finally, since the definitive data of April 2020, the way of correcting non-response has been modified. The usual method was to fill in missing answers by carrying on past answers from non-responding companies. Results are now computed on the sole basis of responding units.

The responses to these surveys were collected between 27 May and 21 June 2021.

Next issue: 22 July 2021 at 08:45 am

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