Informations Rapides · 16 December 2021 · n° 327
In December 2021, the French business climate has deteriorated and the employment climate has dipped a little Business indicator - December 2021

In December 2021, the business climate has deteriorated. The indicator that synthesizes it, calculated from the responses of business managers from the main market sectors of activity, has lost three points. At 110, it has returned to the level reached in September 2021. Nevertheless, it remains above the level prevailing before the health crisis (106) and, even more so, above its long-term average (100). This fall in the business climate results mainly from the strong decline in the forward-looking balances of opinion in services.

Informations rapides

N^o 327

Paru le :Paru le16/12/2021

Prochaine parution le : 24/10/2024 at 08:45 - October 2024

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In December 2021, the business climate indicator in France has fallen back
The employment climate has dipped a little
Revisions
For further information

In December 2021, the business climate indicator in France has fallen back

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Tableau

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tableauFrench business climate composite indicator

French business climate composite indicator
	French business climate composite indicator
2021-12	109.6
2021-11	113.3
2021-10	112.4
2021-09	110.4
2021-08	109.9
2021-07	112.0
2021-06	113.4
2021-05	109.2
2021-04	95.6
2021-03	97.4
2021-02	90.8
2021-01	93.4
2020-12	92.3
2020-11	78.2
2020-10	89.9
2020-09	93.2
2020-08	93.5
2020-07	90.1
2020-06	83.7
2020-05	59.6
2020-04	47.9
2020-03	93.9
2020-02	105.6
2020-01	105.8
2019-12	105.8
2019-11	106.1
2019-10	106.0
2019-09	106.1
2019-08	105.3
2019-07	105.5
2019-06	105.9
2019-05	106.2
2019-04	106.3
2019-03	105.5
2019-02	104.3
2019-01	103.7
2018-12	103.2
2018-11	106.3
2018-10	105.8
2018-09	106.8
2018-08	107.4
2018-07	108.0
2018-06	108.4
2018-05	108.8
2018-04	110.5
2018-03	111.1
2018-02	111.3
2018-01	112.2
2017-12	112.6
2017-11	111.5
2017-10	110.4
2017-09	110.5
2017-08	110.3
2017-07	109.6
2017-06	108.5
2017-05	107.5
2017-04	107.1
2017-03	106.6
2017-02	106.7
2017-01	106.0
2016-12	106.0
2016-11	103.7
2016-10	103.8
2016-09	103.5
2016-08	103.5
2016-07	103.8
2016-06	102.9
2016-05	104.2
2016-04	102.3
2016-03	102.8
2016-02	102.8
2016-01	103.9
2015-12	101.5
2015-11	102.7
2015-10	102.8
2015-09	102.0
2015-08	102.6
2015-07	100.9
2015-06	100.5
2015-05	99.2
2015-04	98.2
2015-03	96.8
2015-02	95.8
2015-01	94.7
2014-12	94.0
2014-11	93.8
2014-10	91.9
2014-09	92.0
2014-08	92.9
2014-07	94.4
2014-06	94.9
2014-05	95.6
2014-04	96.1
2014-03	96.1
2014-02	95.0
2014-01	95.5
2013-12	94.2
2013-11	94.7
2013-10	95.4
2013-09	95.5
2013-08	92.0
2013-07	88.7
2013-06	87.0
2013-05	85.8
2013-04	84.7
2013-03	86.2
2013-02	88.2
2013-01	88.2
2012-12	88.7
2012-11	88.1
2012-10	86.9
2012-09	88.5
2012-08	90.0
2012-07	91.0
2012-06	92.2
2012-05	93.3
2012-04	97.5
2012-03	95.9
2012-02	93.5
2012-01	93.6
2011-12	95.0
2011-11	95.9
2011-10	97.8
2011-09	98.9
2011-08	101.6
2011-07	106.3
2011-06	107.6
2011-05	107.9
2011-04	108.6
2011-03	109.3
2011-02	108.7
2011-01	107.5
2010-12	106.6
2010-11	104.9
2010-10	104.2
2010-09	102.4
2010-08	100.4
2010-07	98.4
2010-06	96.4
2010-05	96.9
2010-04	95.6
2010-03	91.8
2010-02	92.5
2010-01	91.8
2009-12	90.3
2009-11	90.1
2009-10	88.4
2009-09	85.7
2009-08	83.0
2009-07	79.8
2009-06	77.8
2009-05	74.5
2009-04	71.9
2009-03	70.1
2009-02	74.2
2009-01	75.7
2008-12	77.5
2008-11	80.2
2008-10	84.1
2008-09	93.0
2008-08	95.4
2008-07	97.0
2008-06	100.4
2008-05	103.5
2008-04	106.1
2008-03	108.2
2008-02	108.3
2008-01	109.4
2007-12	109.9
2007-11	110.1
2007-10	109.7
2007-09	111.0
2007-08	111.6
2007-07	112.6
2007-06	113.5
2007-05	112.5
2007-04	112.4
2007-03	111.8
2007-02	111.3
2007-01	109.6
2006-12	109.6
2006-11	111.0
2006-10	109.4
2006-09	109.3
2006-08	108.8
2006-07	108.2
2006-06	106.2
2006-05	106.6
2006-04	104.7
2006-03	104.3
2006-02	103.9
2006-01	106.2
2005-12	104.9
2005-11	103.3
2005-10	103.8
2005-09	100.9
2005-08	101.6
2005-07	101.6
2005-06	101.9
2005-05	101.0
2005-04	103.4
2005-03	104.2
2005-02	104.2
2005-01	103.8

graphiqueFrench business climate composite indicator

In the services sector, the business climate has deteriorated sharply this month. This decline is mainly driven by the marked fall in the balances of opinion regarding personal and general activity prospects and expected demand.

In retail trade, the business climate has decreased slightly, for the most part because of the deterioration of the general outlook of the sector.

In manufacturing, conversely, the business climate has improved a little again, benefiting from the increase in the balances of opinion on past and expected activity.

Finally, in building construction, the business climate has also improved and remains as a result very favourable, carried by business prospects. Supply constraints have been lingering though.

tableauBusiness and employment climates

Business and employment climates
	Aug. 21	Sept. 21	Oct. 21	Nov. 21	Dec. 21
Business climates
France	110	110	112	113	110
Manufacturing	110	107	107	110	111
Building construction	113	113	113	114	116
Services	109	110	113	114	108
Retail trade	109	106	106	109	108
Wholesale trade	-	109	-	114	-

Employment	108	106	110	112	111

Source: INSEE, Business tendency surveys

The employment climate has dipped a little

The employment climate has declined slightly in December, after two months of increase. The indicator has lost one point to reach 111, but it remains well above its long-term average (100). This mild decline is mainly due to the fall in the balance of opinion concerning expected employment in services, excluding temporary work agencies, partially offset by the increase in the balances regarding past employment in this same sector and expected employment in manufacturing.

Graphique
Tableau

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tableauFrench employment climate composite indicator

French employment climate composite indicator
	French employment climate composite indicator
2021-12	110.6
2021-11	112.4
2021-10	110.3
2021-09	105.7
2021-08	107.7
2021-07	107.4
2021-06	104.7
2021-05	100.5
2021-04	93.0
2021-03	93.3
2021-02	86.8
2021-01	88.7
2020-12	86.8
2020-11	85.4
2020-10	89.6
2020-09	92.7
2020-08	88.0
2020-07	76.7
2020-06	67.9
2020-05	55.9
2020-04	52.4
2020-03	97.7
2020-02	105.7
2020-01	105.4
2019-12	106.4
2019-11	106.2
2019-10	105.4
2019-09	106.2
2019-08	105.4
2019-07	106.3
2019-06	106.8
2019-05	105.9
2019-04	107.8
2019-03	108.1
2019-02	107.6
2019-01	105.5
2018-12	105.0
2018-11	105.1
2018-10	107.0
2018-09	107.5
2018-08	107.7
2018-07	108.5
2018-06	110.3
2018-05	109.6
2018-04	109.4
2018-03	110.4
2018-02	110.4
2018-01	109.6
2017-12	109.0
2017-11	108.3
2017-10	108.4
2017-09	107.0
2017-08	106.0
2017-07	107.8
2017-06	108.0
2017-05	107.5
2017-04	106.6
2017-03	107.8
2017-02	105.0
2017-01	105.4
2016-12	106.6
2016-11	104.9
2016-10	104.9
2016-09	104.6
2016-08	103.5
2016-07	104.1
2016-06	102.0
2016-05	102.6
2016-04	101.1
2016-03	100.2
2016-02	101.0
2016-01	102.2
2015-12	101.0
2015-11	102.1
2015-10	100.8
2015-09	100.6
2015-08	100.7
2015-07	100.0
2015-06	99.5
2015-05	97.8
2015-04	97.8
2015-03	96.0
2015-02	96.4
2015-01	94.2
2014-12	94.9
2014-11	94.9
2014-10	95.0
2014-09	95.1
2014-08	94.9
2014-07	96.4
2014-06	95.7
2014-05	97.4
2014-04	98.3
2014-03	95.9
2014-02	95.1
2014-01	95.9
2013-12	95.7
2013-11	93.7
2013-10	95.2
2013-09	92.9
2013-08	91.2
2013-07	90.9
2013-06	89.6
2013-05	87.2
2013-04	87.6
2013-03	88.9
2013-02	89.7
2013-01	92.9
2012-12	90.3
2012-11	90.6
2012-10	92.1
2012-09	91.5
2012-08	93.9
2012-07	93.2
2012-06	94.5
2012-05	95.8
2012-04	98.2
2012-03	99.5
2012-02	97.8
2012-01	98.3
2011-12	99.4
2011-11	101.1
2011-10	101.2
2011-09	103.9
2011-08	105.9
2011-07	109.9
2011-06	111.6
2011-05	111.3
2011-04	109.9
2011-03	109.7
2011-02	110.3
2011-01	104.7
2010-12	105.7
2010-11	105.1
2010-10	103.9
2010-09	101.3
2010-08	99.6
2010-07	99.2
2010-06	98.8
2010-05	97.7
2010-04	95.6
2010-03	93.5
2010-02	91.0
2010-01	90.4
2009-12	89.0
2009-11	86.8
2009-10	84.6
2009-09	82.5
2009-08	83.2
2009-07	78.5
2009-06	74.9
2009-05	73.7
2009-04	74.6
2009-03	74.0
2009-02	79.4
2009-01	81.1
2008-12	83.4
2008-11	88.4
2008-10	95.5
2008-09	99.9
2008-08	101.2
2008-07	105.4
2008-06	105.1
2008-05	108.3
2008-04	112.6
2008-03	112.4
2008-02	114.0
2008-01	113.8
2007-12	114.6
2007-11	113.1
2007-10	111.6
2007-09	113.1
2007-08	112.4
2007-07	111.0
2007-06	112.8
2007-05	113.2
2007-04	111.8
2007-03	111.1
2007-02	111.3
2007-01	109.4
2006-12	110.9
2006-11	110.4
2006-10	108.8
2006-09	108.0
2006-08	109.0
2006-07	109.7
2006-06	109.9
2006-05	108.1
2006-04	107.0
2006-03	104.7
2006-02	104.2
2006-01	104.0
2005-12	103.2
2005-11	103.8
2005-10	103.9
2005-09	103.6
2005-08	103.2
2005-07	102.6
2005-06	102.1
2005-05	102.5
2005-04	101.8
2005-03	104.3
2005-02	101.8
2005-01	102.1

graphiqueFrench employment climate composite indicator

Revisions

The French business climate of November 2021 has been revised downwards by one point while the business climate in manufacturing has been revised upwards by one point for this same month. 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 30 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.

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 26 November and 13 December 2021.

Next issue: 20 January 2022 at 08:45 am.