Informations Rapides · 22 September 2022 · n° 247
In September 2022, the French business climate has darkened Business indicator - September 2022

In September 2022, the French business climate has darkened again. The indicator that synthesizes it, calculated from the responses of business managers from the main market sectors, has lost two points. At 102, it nevertheless remains above its long-term average (100). All major sectors of activity have contributed to this degradation, excepted building construction.

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N^o 247

Paru le :Paru le22/09/2022

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

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In September 2022, the business climate in France has deteriorated
The employment climate remains favourable
Revisions
For further information

In September 2022, the business climate in France has deteriorated

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tableauFrench business climate composite indicator

French business climate composite indicator
	French business climate composite indicator
2022-09	102.1
2022-08	103.5
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	107.3
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	92.1
2020-11	77.9
2020-10	89.7
2020-09	93.0
2020-08	93.4
2020-07	89.9
2020-06	83.5
2020-05	59.2
2020-04	47.4
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	111.3
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	107.4
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	102.7
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	88.5
2013-06	86.8
2013-05	85.6
2013-04	84.5
2013-03	86.0
2013-02	88.1
2013-01	88.0
2012-12	88.5
2012-11	87.9
2012-10	86.7
2012-09	88.3
2012-08	89.8
2012-07	90.8
2012-06	92.0
2012-05	93.2
2012-04	97.4
2012-03	95.8
2012-02	93.3
2012-01	93.4
2011-12	94.8
2011-11	95.7
2011-10	97.7
2011-09	98.7
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	92.3
2010-01	91.7
2009-12	90.1
2009-11	89.9
2009-10	88.3
2009-09	85.6
2009-08	82.8
2009-07	79.6
2009-06	77.6
2009-05	74.3
2009-04	71.6
2009-03	69.8
2009-02	73.9
2009-01	75.5
2008-12	77.2
2008-11	80.0
2008-10	83.9
2008-09	92.8
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	112.6
2007-06	113.5
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	100.8
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 wholesale trade, the bimonthly indicator of business climate has darkened sharply compared to July, due in particular to the decline in the balance of opinion concerning merchandise received from abroad.

In retail trade (including trade and repair of vehicles), the business climate has deteriorated again in September 2022, after an upturn in August. The business managers are more pessimistic regarding the business outlook for the sector.

In services, the business climate has deteriorated slightly, notably because of the weakening of the balance of opinion on activity over the last three months.

In manufacturing industry, the business climate has faltered again: the business managers of the sector are more pessimistic about their activity prospects and their order books.

Finally, in building construction, the business climate is virtually stable.

tableauBusiness and employment climates

Business and employment climates
	May 22	June 22	Jul. 22	Aug. 22	Sept. 22
Business climates
France	106	104	103	104	102
Manufacturing	106	108	106	103	102
Building construction	114	114	113	113	114
Services	109	108	107	107	106
Retail trade	98	95	96	99	96
Wholesale trade	101		102		96

Employment	110	107	109	107	109

Source: INSEE, Business tendency surveys

The employment climate remains favourable

In September 2022, the employment climate has gained two points and stands at 109, thus remaining well above its long-term average (100). It has fluctuated between 107 and 110 since May. Its movement in September is mainly the result of the good standing in the balances of opinion regarding past and expected change in the workforce size in 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
2022-09	109.0
2022-08	107.1
2022-07	109.0
2022-06	107.5
2022-05	109.6
2022-04	110.6
2022-03	113.1
2022-02	113.3
2022-01	110.6
2021-12	109.6
2021-11	112.2
2021-10	110.2
2021-09	105.4
2021-08	107.4
2021-07	107.2
2021-06	104.5
2021-05	100.1
2021-04	92.5
2021-03	92.9
2021-02	86.2
2021-01	88.3
2020-12	86.6
2020-11	85.2
2020-10	89.4
2020-09	92.4
2020-08	87.8
2020-07	76.4
2020-06	67.6
2020-05	55.5
2020-04	52.0
2020-03	97.4
2020-02	105.2
2020-01	105.1
2019-12	106.2
2019-11	106.0
2019-10	105.2
2019-09	106.0
2019-08	105.2
2019-07	106.0
2019-06	106.5
2019-05	105.5
2019-04	107.5
2019-03	107.8
2019-02	107.2
2019-01	105.2
2018-12	104.7
2018-11	104.9
2018-10	106.8
2018-09	107.2
2018-08	107.4
2018-07	108.3
2018-06	110.0
2018-05	109.3
2018-04	109.1
2018-03	110.1
2018-02	110.1
2018-01	109.3
2017-12	108.7
2017-11	108.0
2017-10	108.1
2017-09	106.7
2017-08	105.8
2017-07	107.6
2017-06	107.8
2017-05	107.3
2017-04	106.3
2017-03	107.5
2017-02	104.7
2017-01	105.2
2016-12	106.4
2016-11	104.7
2016-10	104.6
2016-09	104.3
2016-08	103.3
2016-07	103.8
2016-06	101.7
2016-05	102.3
2016-04	100.8
2016-03	100.0
2016-02	100.8
2016-01	102.0
2015-12	100.7
2015-11	101.8
2015-10	100.5
2015-09	100.3
2015-08	100.5
2015-07	99.7
2015-06	99.3
2015-05	97.6
2015-04	97.5
2015-03	95.8
2015-02	96.1
2015-01	94.0
2014-12	94.7
2014-11	94.7
2014-10	94.7
2014-09	94.8
2014-08	94.6
2014-07	96.1
2014-06	95.5
2014-05	97.1
2014-04	98.0
2014-03	95.6
2014-02	94.9
2014-01	95.6
2013-12	95.5
2013-11	93.5
2013-10	95.0
2013-09	92.7
2013-08	90.9
2013-07	90.7
2013-06	89.3
2013-05	87.0
2013-04	87.3
2013-03	88.7
2013-02	89.4
2013-01	92.7
2012-12	90.0
2012-11	90.4
2012-10	91.8
2012-09	91.3
2012-08	93.7
2012-07	92.9
2012-06	94.2
2012-05	95.5
2012-04	97.9
2012-03	99.2
2012-02	97.6
2012-01	98.1
2011-12	99.1
2011-11	100.8
2011-10	100.9
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	110.0
2011-01	104.4
2010-12	105.4
2010-11	104.8
2010-10	103.6
2010-09	101.0
2010-08	99.3
2010-07	99.0
2010-06	98.6
2010-05	97.4
2010-04	95.4
2010-03	93.3
2010-02	90.7
2010-01	90.2
2009-12	88.8
2009-11	86.6
2009-10	84.4
2009-09	82.3
2009-08	82.9
2009-07	78.3
2009-06	74.7
2009-05	73.4
2009-04	74.3
2009-03	73.8
2009-02	79.2
2009-01	80.9
2008-12	83.2
2008-11	88.2
2008-10	95.3
2008-09	99.6
2008-08	100.9
2008-07	105.1
2008-06	104.8
2008-05	108.1
2008-04	112.4
2008-03	112.2
2008-02	113.7
2008-01	113.6
2007-12	114.4
2007-11	112.8
2007-10	111.3
2007-09	112.9
2007-08	112.1
2007-07	110.8
2007-06	112.6
2007-05	113.0
2007-04	111.5
2007-03	110.9
2007-02	111.1
2007-01	109.2
2006-12	110.7
2006-11	110.2
2006-10	108.6
2006-09	107.8
2006-08	108.8
2006-07	109.5
2006-06	109.6
2006-05	107.9
2006-04	106.8
2006-03	104.5
2006-02	104.0
2006-01	103.8
2005-12	103.0
2005-11	103.6
2005-10	103.8
2005-09	103.4
2005-08	103.0
2005-07	102.4
2005-06	101.9
2005-05	102.3
2005-04	101.6
2005-03	104.1
2005-02	101.6
2005-01	101.8

graphiqueFrench employment climate composite indicator

Revisions

The composite indicators of the business climate in manufacturing industry and building construction of August 2022 have been revised downwards by one point. Conversely, the composite indicator of the business climate in France and the indicator of the business climate in services for this same month have been revised upwards by one point, as well as the one in wholesale trade for July 2022. 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 26 August and 19 September 2022.

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