Informations Rapides · 21 July 2022 · n° 192
In July 2022, the French business climate has worsened a little Business indicator - July 2022

In July 2022, the business climate in France has darkened a bit again. The indicator that synthesizes it, calculated from the responses of business managers from the main market sectors, has lost one point. At 103, it remains above its long-term average (100). This slight degradation in the business climate results mainly from the degradation of the climate in services and manufacturing.

Informations rapides

N^o 192

Paru le :Paru le21/07/2022

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

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In July 2022, the business climate in France has darkened again
The employment climate has improved in July after deteriorating for several months
Revisions
For further information

In July 2022, the business climate in France has darkened again

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Tableau

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tableauFrench business climate composite indicator

French business climate composite indicator
	French business climate composite indicator
2022-07	102.9
2022-06	104.0
2022-05	105.6
2022-04	105.5
2022-03	106.7
2022-02	112.6
2022-01	107.4
2021-12	109.0
2021-11	113.3
2021-10	112.3
2021-09	110.3
2021-08	109.8
2021-07	111.9
2021-06	113.4
2021-05	109.1
2021-04	95.4
2021-03	97.3
2021-02	90.7
2021-01	93.2
2020-12	92.2
2020-11	78.0
2020-10	89.8
2020-09	93.0
2020-08	93.4
2020-07	89.9
2020-06	83.6
2020-05	59.3
2020-04	47.6
2020-03	93.7
2020-02	105.5
2020-01	105.7
2019-12	105.8
2019-11	106.0
2019-10	105.9
2019-09	106.0
2019-08	105.3
2019-07	105.4
2019-06	105.9
2019-05	106.2
2019-04	106.2
2019-03	105.4
2019-02	104.2
2019-01	103.7
2018-12	103.1
2018-11	106.2
2018-10	105.8
2018-09	106.8
2018-08	107.4
2018-07	107.9
2018-06	108.4
2018-05	108.7
2018-04	110.4
2018-03	111.1
2018-02	111.2
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	107.4
2017-04	107.0
2017-03	106.5
2017-02	106.7
2017-01	106.0
2016-12	106.0
2016-11	103.6
2016-10	103.8
2016-09	103.5
2016-08	103.4
2016-07	103.7
2016-06	102.8
2016-05	104.1
2016-04	102.2
2016-03	102.7
2016-02	102.8
2016-01	103.8
2015-12	101.4
2015-11	102.6
2015-10	102.7
2015-09	101.9
2015-08	102.5
2015-07	100.8
2015-06	100.4
2015-05	99.1
2015-04	98.1
2015-03	96.7
2015-02	95.7
2015-01	94.6
2014-12	93.9
2014-11	93.7
2014-10	91.8
2014-09	91.8
2014-08	92.8
2014-07	94.3
2014-06	94.8
2014-05	95.5
2014-04	96.0
2014-03	96.0
2014-02	94.9
2014-01	95.3
2013-12	94.1
2013-11	94.6
2013-10	95.3
2013-09	95.4
2013-08	91.8
2013-07	88.6
2013-06	86.9
2013-05	85.6
2013-04	84.6
2013-03	86.0
2013-02	88.1
2013-01	88.1
2012-12	88.6
2012-11	87.9
2012-10	86.7
2012-09	88.4
2012-08	89.9
2012-07	90.8
2012-06	92.0
2012-05	93.2
2012-04	97.4
2012-03	95.8
2012-02	93.4
2012-01	93.5
2011-12	94.8
2011-11	95.8
2011-10	97.7
2011-09	98.8
2011-08	101.5
2011-07	106.2
2011-06	107.6
2011-05	107.9
2011-04	108.5
2011-03	109.2
2011-02	108.7
2011-01	107.4
2010-12	106.5
2010-11	104.9
2010-10	104.1
2010-09	102.3
2010-08	100.3
2010-07	98.3
2010-06	96.3
2010-05	96.8
2010-04	95.5
2010-03	91.7
2010-02	92.4
2010-01	91.7
2009-12	90.2
2009-11	90.0
2009-10	88.3
2009-09	85.6
2009-08	82.8
2009-07	79.7
2009-06	77.7
2009-05	74.4
2009-04	71.7
2009-03	69.9
2009-02	74.0
2009-01	75.6
2008-12	77.3
2008-11	80.0
2008-10	83.9
2008-09	92.9
2008-08	95.3
2008-07	96.8
2008-06	100.3
2008-05	103.4
2008-04	106.0
2008-03	108.1
2008-02	108.2
2008-01	109.3
2007-12	109.9
2007-11	110.1
2007-10	109.6
2007-09	111.0
2007-08	111.6
2007-07	112.5
2007-06	113.4
2007-05	112.5
2007-04	112.3
2007-03	111.7
2007-02	111.3
2007-01	109.6
2006-12	109.5
2006-11	111.0
2006-10	109.4
2006-09	109.3
2006-08	108.7
2006-07	108.2
2006-06	106.2
2006-05	106.5
2006-04	104.7
2006-03	104.2
2006-02	103.8
2006-01	106.2
2005-12	104.8
2005-11	103.3
2005-10	103.8
2005-09	100.9
2005-08	101.5
2005-07	101.6
2005-06	101.8
2005-05	100.9
2005-04	103.3
2005-03	104.2
2005-02	104.1
2005-01	103.7

graphiqueFrench business climate composite indicator

In services, the business climate has slightly worsened, undermined by the weakening in the balance of opinion related to the general outlook for the sector.

In manufacturing, the business climate has darkened, weakened by the balances regarding past production and order books. The balance of opinion on the expected change in selling prices remains high but has receded sharply.

In building construction, the business climate has also weakened slightly but it remains favorable. The business managers of the sector are slightly less upbeat regarding their recent activity but they remain optimistic concerning their activity for the next three months.

In retail trade (including trade and repair of vehicles), the business climate indicator is stable in July. This stability is the result of mixed movements: the climate has deteriorated quite sharply in retail trade but has improved in trade and repair of vehicles.

Finally, the bimonthly business climate in wholesale trade is stable compared to May. The balance on past sales has kept decreasing while the ones on received deliveries from abroad and on ordering intentions have rebounded.

tableauBusiness and employment climates

Business and employment climates
	Mar. 22	Apr. 22	May 22	June 22	Jul. 22
Business climates
France	107	106	106	104	103
Manufacturing	107	108	106	108	106
Building construction	114	115	114	114	113
Services	108	108	109	108	107
Retail trade	99	93	98	95	95
Wholesale trade	105		101		101

Employment	113	111	110	107	109

Source: INSEE, Business tendency surveys

The employment climate has improved in July after deteriorating for several months

The employment climate has somewhat recovered in July 2022, after deteriorating for several months. The composite indicator has gained two points and stands at 109, well above its long-term average (100). This rebound is mainly the result of the balances of opinion regarding past and expected change in the workforce size in services (excluding temporary work agencies) holding up, despite the decrease of those same balances in manufacturing and retail trade.

Graphique
Tableau

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tableauFrench employment climate composite indicator

French employment climate composite indicator
	French employment climate composite indicator
2022-07	108.9
2022-06	107.3
2022-05	109.7
2022-04	110.7
2022-03	113.2
2022-02	113.4
2022-01	110.6
2021-12	109.7
2021-11	112.3
2021-10	110.2
2021-09	105.6
2021-08	107.4
2021-07	107.2
2021-06	104.3
2021-05	100.1
2021-04	92.5
2021-03	92.9
2021-02	86.3
2021-01	88.3
2020-12	86.5
2020-11	85.1
2020-10	89.4
2020-09	92.5
2020-08	87.8
2020-07	76.6
2020-06	67.6
2020-05	55.4
2020-04	51.9
2020-03	97.5
2020-02	105.3
2020-01	105.1
2019-12	106.3
2019-11	106.1
2019-10	105.3
2019-09	106.1
2019-08	105.2
2019-07	106.1
2019-06	106.6
2019-05	105.6
2019-04	107.5
2019-03	107.9
2019-02	107.3
2019-01	105.2
2018-12	104.7
2018-11	104.9
2018-10	106.8
2018-09	107.3
2018-08	107.5
2018-07	108.3
2018-06	110.1
2018-05	109.3
2018-04	109.1
2018-03	110.2
2018-02	110.0
2018-01	109.3
2017-12	108.6
2017-11	107.9
2017-10	108.1
2017-09	106.7
2017-08	105.9
2017-07	107.6
2017-06	107.8
2017-05	107.3
2017-04	106.4
2017-03	107.5
2017-02	104.7
2017-01	105.2
2016-12	106.3
2016-11	104.6
2016-10	104.6
2016-09	104.4
2016-08	103.4
2016-07	103.9
2016-06	101.8
2016-05	102.4
2016-04	100.8
2016-03	99.9
2016-02	100.7
2016-01	102.0
2015-12	100.7
2015-11	101.8
2015-10	100.5
2015-09	100.4
2015-08	100.6
2015-07	99.8
2015-06	99.3
2015-05	97.6
2015-04	97.5
2015-03	95.7
2015-02	96.0
2015-01	94.0
2014-12	94.8
2014-11	94.8
2014-10	94.7
2014-09	94.9
2014-08	94.7
2014-07	96.1
2014-06	95.5
2014-05	97.1
2014-04	98.0
2014-03	95.6
2014-02	94.8
2014-01	95.6
2013-12	95.5
2013-11	93.6
2013-10	95.0
2013-09	92.7
2013-08	91.0
2013-07	90.7
2013-06	89.4
2013-05	86.9
2013-04	87.3
2013-03	88.7
2013-02	89.5
2013-01	92.7
2012-12	90.1
2012-11	90.5
2012-10	91.9
2012-09	91.3
2012-08	93.6
2012-07	93.0
2012-06	94.2
2012-05	95.5
2012-04	97.9
2012-03	99.2
2012-02	97.7
2012-01	98.0
2011-12	99.2
2011-11	100.8
2011-10	101.0
2011-09	103.6
2011-08	105.6
2011-07	109.6
2011-06	111.3
2011-05	111.0
2011-04	109.6
2011-03	109.4
2011-02	110.1
2011-01	104.3
2010-12	105.4
2010-11	104.8
2010-10	103.6
2010-09	101.0
2010-08	99.3
2010-07	98.9
2010-06	98.5
2010-05	97.4
2010-04	95.5
2010-03	93.3
2010-02	90.9
2010-01	90.2
2009-12	88.8
2009-11	86.6
2009-10	84.4
2009-09	82.4
2009-08	83.0
2009-07	78.4
2009-06	74.8
2009-05	73.6
2009-04	74.5
2009-03	73.9
2009-02	79.4
2009-01	81.0
2008-12	83.3
2008-11	88.2
2008-10	95.3
2008-09	99.7
2008-08	101.0
2008-07	105.2
2008-06	104.9
2008-05	108.2
2008-04	112.5
2008-03	112.3
2008-02	113.8
2008-01	113.7
2007-12	114.4
2007-11	112.8
2007-10	111.3
2007-09	112.9
2007-08	112.2
2007-07	110.9
2007-06	112.7
2007-05	113.0
2007-04	111.6
2007-03	111.0
2007-02	111.0
2007-01	109.3
2006-12	110.8
2006-11	110.2
2006-10	108.6
2006-09	107.8
2006-08	108.9
2006-07	109.6
2006-06	109.7
2006-05	107.9
2006-04	106.8
2006-03	104.5
2006-02	104.0
2006-01	103.9
2005-12	103.0
2005-11	103.7
2005-10	103.8
2005-09	103.4
2005-08	103.0
2005-07	102.5
2005-06	102.0
2005-05	102.4
2005-04	101.7
2005-03	104.2
2005-02	101.7
2005-01	101.9

graphiqueFrench employment climate composite indicator

Revisions

The composite indicators of the business climate in building construction and the employment climate of June 2022 have both been revised downwards by one point. These revisions are mainly explained by the inclusion of late responses from companies. The other business climate indicators are unchanged (after rounding).

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 June and 18 July 2022.

Next issue: 25 August 2022 at 08:45 am.