Informations Rapides · 20 January 2022 · n° 19
In January 2022, the French business climate has deteriorated and the employment climate is stable Business indicator - January 2022

In January 2022, the business climate has deteriorated again. The indicator that synthesizes it, calculated from the responses of business managers from the main market sectors of activity, has lost two points. At 107, it remains nonetheless quite clearly above its long-term average (100). This deterioration in the business climate results mainly from the further worsening of the general outlook in services.

Informations rapides

N^o 19

Paru le :Paru le20/01/2022

Prochaine parution le : 20/09/2024 at 08:45 - September 2024

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In January 2022, the business climate in France is a little less favourable
The employment climate is stable
Revisions
For further information

In January 2022, the business climate in France is a little less favourable

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Tableau

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tableauFrench business climate composite indicator

French business climate composite indicator
	French business climate composite indicator
2022-01	106.7
2021-12	109.1
2021-11	113.3
2021-10	112.4
2021-09	110.4
2021-08	109.9
2021-07	112.0
2021-06	113.5
2021-05	109.2
2021-04	95.6
2021-03	97.4
2021-02	90.8
2021-01	93.3
2020-12	92.3
2020-11	78.2
2020-10	89.9
2020-09	93.2
2020-08	93.5
2020-07	90.0
2020-06	83.7
2020-05	59.5
2020-04	47.8
2020-03	93.8
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	110.4
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	106.1
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	91.9
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	95.4
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	86.1
2013-02	88.2
2013-01	88.2
2012-12	88.7
2012-11	88.1
2012-10	86.8
2012-09	88.5
2012-08	90.0
2012-07	91.0
2012-06	92.1
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	102.3
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	82.9
2009-07	79.8
2009-06	77.8
2009-05	74.5
2009-04	71.8
2009-03	70.0
2009-02	74.2
2009-01	75.7
2008-12	77.4
2008-11	80.1
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 again, though more mildly than in the previous month. This decline is mainly driven by the continued fall in the balances of opinion regarding general activity prospects of the sector.

In retail trade, the business climate has also lost some steam, mainly because of the general outlook for activity, considered less favourable according to business managers.

In wholesale trade, the business climate has decreased slightly compared to November. The marked fall in the general activity outlook is partly offset by the increase in the balance of opinion on deliveries from abroad.

In building construction, the business climate remains at a high level but has somewhat deteriorated, following the decrease in the balances of opinion regarding past and expected activity. Supply constraints remain strong.

Finally and conversely, in manufacturing, the business climate has somewhat improved, benefiting from the rebound in the balance of opinion regarding order books and, to a lesser extent, from the increase in the balance concerning past activity. Supply constraints remain sizeable but supplying difficulties have receded a little.

tableauBusiness and employment climates

Business and employment climates
	Sept. 21	Oct. 21	Nov. 21	Dec. 21	Jan. 22
Business climates
France	110	112	113	109	107
Manufacturing	106	107	109	110	112
Building construction	113	113	114	115	113
Services	110	113	114	107	105
Retail trade	106	106	109	107	105
Wholesale trade	109	-	114	-	113

Employment	106	110	112	110	110

Source: INSEE, Business tendency surveys

The employment climate is stable

The employment climate is stable in January, at 110, that is well above its long-term average (100). The increase in the balance of opinion concerning past employment in temporary work agencies is indeed partially offset by the decrease in the balances regarding past employment services excluding temporary work agencies.

Graphique
Tableau

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tableauFrench employment climate composite indicator

French employment climate composite indicator
	French employment climate composite indicator
2022-01	109.8
2021-12	109.9
2021-11	112.4
2021-10	110.3
2021-09	105.6
2021-08	107.6
2021-07	107.4
2021-06	104.7
2021-05	100.4
2021-04	93.0
2021-03	93.2
2021-02	86.7
2021-01	88.6
2020-12	86.8
2020-11	85.3
2020-10	89.5
2020-09	92.6
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	105.6
2020-01	105.3
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	105.8
2019-04	107.8
2019-03	108.1
2019-02	107.5
2019-01	105.4
2018-12	104.9
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	109.5
2018-04	109.4
2018-03	110.4
2018-02	110.3
2018-01	109.6
2017-12	108.9
2017-11	108.2
2017-10	108.4
2017-09	106.9
2017-08	106.0
2017-07	107.8
2017-06	108.0
2017-05	107.5
2017-04	106.6
2017-03	107.7
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	104.0
2016-06	101.9
2016-05	102.6
2016-04	101.0
2016-03	100.1
2016-02	101.0
2016-01	102.2
2015-12	100.9
2015-11	102.0
2015-10	100.7
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	95.9
2015-02	96.3
2015-01	94.2
2014-12	94.9
2014-11	94.9
2014-10	94.9
2014-09	95.1
2014-08	94.9
2014-07	96.3
2014-06	95.7
2014-05	97.4
2014-04	98.3
2014-03	95.8
2014-02	95.1
2014-01	95.8
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	88.8
2013-02	89.7
2013-01	92.9
2012-12	90.2
2012-11	90.6
2012-10	92.1
2012-09	91.5
2012-08	93.9
2012-07	93.2
2012-06	94.4
2012-05	95.8
2012-04	98.1
2012-03	99.4
2012-02	97.8
2012-01	98.3
2011-12	99.4
2011-11	101.0
2011-10	101.2
2011-09	103.8
2011-08	105.8
2011-07	109.8
2011-06	111.6
2011-05	111.3
2011-04	109.9
2011-03	109.6
2011-02	110.3
2011-01	104.6
2010-12	105.6
2010-11	105.0
2010-10	103.8
2010-09	101.3
2010-08	99.5
2010-07	99.2
2010-06	98.8
2010-05	97.6
2010-04	95.6
2010-03	93.4
2010-02	90.9
2010-01	90.4
2009-12	89.0
2009-11	86.8
2009-10	84.6
2009-09	82.5
2009-08	83.1
2009-07	78.5
2009-06	74.9
2009-05	73.6
2009-04	74.5
2009-03	73.9
2009-02	79.4
2009-01	81.1
2008-12	83.4
2008-11	88.4
2008-10	95.5
2008-09	99.8
2008-08	101.1
2008-07	105.3
2008-06	105.1
2008-05	108.3
2008-04	112.6
2008-03	112.4
2008-02	113.9
2008-01	113.8
2007-12	114.6
2007-11	113.0
2007-10	111.6
2007-09	113.1
2007-08	112.3
2007-07	111.0
2007-06	112.8
2007-05	113.2
2007-04	111.7
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	109.8
2006-05	108.0
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	102.0

graphiqueFrench employment climate composite indicator

Revisions

The French business climate, the sectoral business climates in manufacturing, building construction, services and retail trade and the employment climate of December 2021 have all been revised downwards by one point. 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 27 December 2021 and 17 January 2022.

Next issue: 23 February 2022 at 08:45 am.