Informations Rapides ·
23 September 2021 · n° 244In September 2021, the French business climate has improved slightly while the employment
climate is a bit less positive Business indicator - September 2021
In September 2021, despite contrasting developments among sectors, the business climate has improved slightly, after decreasing for two months in a row. The indicator that synthesizes it, calculated from the responses of business leaders from the main market sectors of activity, has gained one point. At 111, it remains at a high level, well above that before the health crisis (106) and, even more so, its long-term average (100).
In September 2021, the business climate indicator in France has slightly recovered
In September 2021, despite contrasting developments among sectors, the business climate has improved slightly, after decreasing for two months in a row. The indicator that synthesizes it, calculated from the responses of business leaders from the main market sectors of activity, has gained one point. At 111, it remains at a high level, well above that before the health crisis (106) and, even more so, its long-term average (100).
tableauFrench business climate composite indicator
French business climate composite indicator | |
---|---|
2005-01 | 106.0 |
2005-02 | 106.4 |
2005-03 | 106.1 |
2005-04 | 105.5 |
2005-05 | 103.4 |
2005-06 | 104.3 |
2005-07 | 104.3 |
2005-08 | 104.0 |
2005-09 | 103.2 |
2005-10 | 106.2 |
2005-11 | 105.8 |
2005-12 | 107.2 |
2006-01 | 108.7 |
2006-02 | 105.6 |
2006-03 | 106.2 |
2006-04 | 106.6 |
2006-05 | 108.6 |
2006-06 | 107.8 |
2006-07 | 109.8 |
2006-08 | 110.0 |
2006-09 | 110.3 |
2006-10 | 110.2 |
2006-11 | 111.5 |
2006-12 | 109.7 |
2007-01 | 110.1 |
2007-02 | 111.9 |
2007-03 | 112.3 |
2007-04 | 112.8 |
2007-05 | 112.9 |
2007-06 | 114.0 |
2007-07 | 113.4 |
2007-08 | 112.3 |
2007-09 | 111.5 |
2007-10 | 110.3 |
2007-11 | 110.5 |
2007-12 | 109.9 |
2008-01 | 109.5 |
2008-02 | 107.8 |
2008-03 | 107.4 |
2008-04 | 104.9 |
2008-05 | 102.2 |
2008-06 | 98.9 |
2008-07 | 95.4 |
2008-08 | 94.0 |
2008-09 | 91.8 |
2008-10 | 82.7 |
2008-11 | 79.3 |
2008-12 | 77.0 |
2009-01 | 75.2 |
2009-02 | 73.8 |
2009-03 | 70.2 |
2009-04 | 72.3 |
2009-05 | 76.1 |
2009-06 | 79.4 |
2009-07 | 81.5 |
2009-08 | 84.7 |
2009-09 | 88.1 |
2009-10 | 90.7 |
2009-11 | 92.9 |
2009-12 | 93.3 |
2010-01 | 94.9 |
2010-02 | 95.6 |
2010-03 | 94.7 |
2010-04 | 98.7 |
2010-05 | 99.6 |
2010-06 | 98.9 |
2010-07 | 100.7 |
2010-08 | 102.9 |
2010-09 | 104.1 |
2010-10 | 105.1 |
2010-11 | 105.8 |
2010-12 | 107.0 |
2011-01 | 107.8 |
2011-02 | 108.5 |
2011-03 | 109.0 |
2011-04 | 108.4 |
2011-05 | 107.4 |
2011-06 | 107.4 |
2011-07 | 105.8 |
2011-08 | 100.7 |
2011-09 | 97.8 |
2011-10 | 97.0 |
2011-11 | 94.9 |
2011-12 | 93.7 |
2012-01 | 92.4 |
2012-02 | 92.4 |
2012-03 | 94.6 |
2012-04 | 96.4 |
2012-05 | 92.7 |
2012-06 | 91.8 |
2012-07 | 90.2 |
2012-08 | 89.4 |
2012-09 | 88.0 |
2012-10 | 86.5 |
2012-11 | 87.8 |
2012-12 | 88.7 |
2013-01 | 88.6 |
2013-02 | 88.7 |
2013-03 | 86.4 |
2013-04 | 85.2 |
2013-05 | 86.1 |
2013-06 | 87.1 |
2013-07 | 88.9 |
2013-08 | 92.0 |
2013-09 | 95.4 |
2013-10 | 94.8 |
2013-11 | 94.2 |
2013-12 | 93.6 |
2014-01 | 94.6 |
2014-02 | 94.6 |
2014-03 | 95.7 |
2014-04 | 95.6 |
2014-05 | 95.1 |
2014-06 | 94.4 |
2014-07 | 94.0 |
2014-08 | 92.7 |
2014-09 | 91.9 |
2014-10 | 91.6 |
2014-11 | 93.3 |
2014-12 | 93.5 |
2015-01 | 94.1 |
2015-02 | 94.9 |
2015-03 | 96.0 |
2015-04 | 97.1 |
2015-05 | 97.9 |
2015-06 | 99.0 |
2015-07 | 99.3 |
2015-08 | 100.6 |
2015-09 | 100.3 |
2015-10 | 101.1 |
2015-11 | 101.1 |
2015-12 | 99.8 |
2016-01 | 102.3 |
2016-02 | 100.9 |
2016-03 | 101.0 |
2016-04 | 100.6 |
2016-05 | 102.4 |
2016-06 | 101.0 |
2016-07 | 101.8 |
2016-08 | 101.3 |
2016-09 | 101.5 |
2016-10 | 102.0 |
2016-11 | 102.1 |
2016-12 | 104.3 |
2017-01 | 103.8 |
2017-02 | 104.6 |
2017-03 | 104.5 |
2017-04 | 104.8 |
2017-05 | 105.5 |
2017-06 | 106.7 |
2017-07 | 107.7 |
2017-08 | 108.9 |
2017-09 | 109.0 |
2017-10 | 108.4 |
2017-11 | 109.8 |
2017-12 | 110.7 |
2018-01 | 110.3 |
2018-02 | 109.6 |
2018-03 | 109.4 |
2018-04 | 108.7 |
2018-05 | 107.0 |
2018-06 | 106.6 |
2018-07 | 106.4 |
2018-08 | 105.6 |
2018-09 | 105.6 |
2018-10 | 104.9 |
2018-11 | 105.3 |
2018-12 | 102.5 |
2019-01 | 103.6 |
2019-02 | 104.1 |
2019-03 | 105.4 |
2019-04 | 106.2 |
2019-05 | 106.3 |
2019-06 | 106.4 |
2019-07 | 105.5 |
2019-08 | 105.7 |
2019-09 | 106.6 |
2019-10 | 106.2 |
2019-11 | 106.5 |
2019-12 | 106.1 |
2020-01 | 105.9 |
2020-02 | 105.5 |
2020-03 | 93.7 |
2020-04 | 47.6 |
2020-05 | 60.1 |
2020-06 | 84.4 |
2020-07 | 91.2 |
2020-08 | 94.6 |
2020-09 | 93.6 |
2020-10 | 90.0 |
2020-11 | 77.2 |
2020-12 | 92.8 |
2021-01 | 93.3 |
2021-02 | 90.8 |
2021-03 | 98.0 |
2021-04 | 95.5 |
2021-05 | 109.8 |
2021-06 | 114.3 |
2021-07 | 112.6 |
2021-08 | 110.3 |
2021-09 | 111.5 |
graphiqueFrench business climate composite indicator
In the services sector, the climate has improved slightly (+1 point) and remains at a high level. Managers are a bit more optimistic about their activity and demand prospects.
In building construction as well, the business managers declare being a little more confident regarding their activity prospects, despite pressures on production capacities remaining strong.
In manufacturing, however, the business climate has weakened markedly (–4 points): the balances of opinion on recent production and to a lesser extent those on foreign order books and personal production prospects fuel this fall.
In retail trade (including trade and repair of vehicles), the business climate has worsened again (–3 points). In particular, the balance of opinion on recent activity has sharply declined. The climate indicator has even fallen below its long-term average in the sector of retail trade excluding vehicles.
Finally, in wholesale trade, the bimonthly business climate has also weakened and lost three points compared to July, mainly because of the fall in the balances of opinion concerning past sales.
Increasing or falling in September, the business climate indicator remains above its long-term average in all different main economic sectors.
tableauBusiness and employment climates
May 21 | June 21 | July 21 | Aug. 21 | Sep. 21 | |
---|---|---|---|---|---|
Business climates | |||||
France | 110 | 114 | 113 | 110 | 111 |
Manufacturing | 107 | 108 | 109 | 110 | 106 |
Building construction* | n.a. | n.a. | n.a. | n.a. | n.a. |
Services | 106 | 112 | 111 | 109 | 110 |
Retail trade | 110 | 116 | 114 | 109 | 106 |
Wholesale trade | 109 | 113 | 110 | ||
Employment | 101 | 105 | 107 | 108 | 106 |
- * c.f. « For further information »
- Source: INSEE, Business tendency surveys
The employment climate has dipped slightly
At the same time, the employment climate is a little less favourable (–2 points). At 106, it nevertheless remains above its long-term average (100). The weakening is due to the drop in the balance of opinion on the recent change in employment in services excepting temporary employment agencies.
tableauFrench employment climate composite indicator
French employment climate composite indicator | |
---|---|
2005-01 | 102.1 |
2005-02 | 101.9 |
2005-03 | 104.4 |
2005-04 | 101.9 |
2005-05 | 102.6 |
2005-06 | 102.2 |
2005-07 | 102.7 |
2005-08 | 103.3 |
2005-09 | 103.7 |
2005-10 | 104.0 |
2005-11 | 103.9 |
2005-12 | 103.3 |
2006-01 | 104.1 |
2006-02 | 104.3 |
2006-03 | 104.8 |
2006-04 | 107.1 |
2006-05 | 108.1 |
2006-06 | 109.9 |
2006-07 | 109.8 |
2006-08 | 109.1 |
2006-09 | 108.1 |
2006-10 | 108.9 |
2006-11 | 110.5 |
2006-12 | 111.0 |
2007-01 | 109.5 |
2007-02 | 111.4 |
2007-03 | 111.2 |
2007-04 | 111.9 |
2007-05 | 113.3 |
2007-06 | 112.9 |
2007-07 | 111.1 |
2007-08 | 112.4 |
2007-09 | 113.2 |
2007-10 | 111.7 |
2007-11 | 113.2 |
2007-12 | 114.7 |
2008-01 | 113.9 |
2008-02 | 114.1 |
2008-03 | 112.5 |
2008-04 | 112.7 |
2008-05 | 108.4 |
2008-06 | 105.2 |
2008-07 | 105.4 |
2008-08 | 101.2 |
2008-09 | 99.9 |
2008-10 | 95.6 |
2008-11 | 88.5 |
2008-12 | 83.4 |
2009-01 | 81.2 |
2009-02 | 79.5 |
2009-03 | 74.0 |
2009-04 | 74.6 |
2009-05 | 73.7 |
2009-06 | 75.0 |
2009-07 | 78.6 |
2009-08 | 83.2 |
2009-09 | 82.6 |
2009-10 | 84.7 |
2009-11 | 86.9 |
2009-12 | 89.1 |
2010-01 | 90.5 |
2010-02 | 91.0 |
2010-03 | 93.6 |
2010-04 | 95.7 |
2010-05 | 97.7 |
2010-06 | 98.9 |
2010-07 | 99.3 |
2010-08 | 99.7 |
2010-09 | 101.4 |
2010-10 | 104.0 |
2010-11 | 105.2 |
2010-12 | 105.8 |
2011-01 | 104.8 |
2011-02 | 110.4 |
2011-03 | 109.8 |
2011-04 | 110.0 |
2011-05 | 111.4 |
2011-06 | 111.7 |
2011-07 | 110.0 |
2011-08 | 106.0 |
2011-09 | 104.0 |
2011-10 | 101.3 |
2011-11 | 101.2 |
2011-12 | 99.5 |
2012-01 | 98.4 |
2012-02 | 97.9 |
2012-03 | 99.6 |
2012-04 | 98.3 |
2012-05 | 95.9 |
2012-06 | 94.6 |
2012-07 | 93.3 |
2012-08 | 94.0 |
2012-09 | 91.6 |
2012-10 | 92.2 |
2012-11 | 90.7 |
2012-12 | 90.3 |
2013-01 | 93.0 |
2013-02 | 89.8 |
2013-03 | 89.0 |
2013-04 | 87.7 |
2013-05 | 87.3 |
2013-06 | 89.7 |
2013-07 | 91.0 |
2013-08 | 91.3 |
2013-09 | 93.0 |
2013-10 | 95.3 |
2013-11 | 93.8 |
2013-12 | 95.8 |
2014-01 | 96.0 |
2014-02 | 95.2 |
2014-03 | 95.9 |
2014-04 | 98.4 |
2014-05 | 97.5 |
2014-06 | 95.8 |
2014-07 | 96.5 |
2014-08 | 95.0 |
2014-09 | 95.2 |
2014-10 | 95.1 |
2014-11 | 95.0 |
2014-12 | 95.0 |
2015-01 | 94.3 |
2015-02 | 96.4 |
2015-03 | 96.1 |
2015-04 | 97.9 |
2015-05 | 97.9 |
2015-06 | 99.6 |
2015-07 | 100.1 |
2015-08 | 100.8 |
2015-09 | 100.7 |
2015-10 | 100.9 |
2015-11 | 102.2 |
2015-12 | 101.1 |
2016-01 | 102.3 |
2016-02 | 101.1 |
2016-03 | 100.3 |
2016-04 | 101.2 |
2016-05 | 102.7 |
2016-06 | 102.1 |
2016-07 | 104.2 |
2016-08 | 103.6 |
2016-09 | 104.7 |
2016-10 | 105.0 |
2016-11 | 105.0 |
2016-12 | 106.8 |
2017-01 | 105.5 |
2017-02 | 105.1 |
2017-03 | 107.9 |
2017-04 | 106.7 |
2017-05 | 107.6 |
2017-06 | 108.1 |
2017-07 | 107.9 |
2017-08 | 106.1 |
2017-09 | 107.0 |
2017-10 | 108.5 |
2017-11 | 108.4 |
2017-12 | 109.1 |
2018-01 | 109.7 |
2018-02 | 110.5 |
2018-03 | 110.5 |
2018-04 | 109.5 |
2018-05 | 109.7 |
2018-06 | 110.4 |
2018-07 | 108.6 |
2018-08 | 107.8 |
2018-09 | 107.5 |
2018-10 | 107.2 |
2018-11 | 105.2 |
2018-12 | 105.1 |
2019-01 | 105.6 |
2019-02 | 107.7 |
2019-03 | 108.2 |
2019-04 | 107.9 |
2019-05 | 106.0 |
2019-06 | 106.9 |
2019-07 | 106.4 |
2019-08 | 105.5 |
2019-09 | 106.1 |
2019-10 | 105.7 |
2019-11 | 106.4 |
2019-12 | 106.6 |
2020-01 | 105.5 |
2020-02 | 105.8 |
2020-03 | 97.9 |
2020-04 | 52.5 |
2020-05 | 56.0 |
2020-06 | 68.0 |
2020-07 | 76.8 |
2020-08 | 88.0 |
2020-09 | 92.4 |
2020-10 | 89.9 |
2020-11 | 85.6 |
2020-12 | 87.1 |
2021-01 | 88.8 |
2021-02 | 86.9 |
2021-03 | 93.4 |
2021-04 | 93.1 |
2021-05 | 100.6 |
2021-06 | 104.8 |
2021-07 | 107.4 |
2021-08 | 107.6 |
2021-09 | 106.1 |
graphiqueFrench employment climate composite indicator
Revisions
The sector climate in services of August 2021 has been revised upwards by one point, as well as the sector climate in wholesale trade of July. These revisions are 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 August and 20 September 2021.
Next issue: 21 October 2021 at 08:45 am
Documentation
Abbreviated Methodology (pdf,130 Ko)
Pour en savoir plus
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 August and 20 September 2021.
Next issue: 21 October 2021 at 08:45 am