Informations Rapides ·
24 January 2023 · n° 21
In January 2023, the business climate in France remains virtually stable while the
employment climate has improved again Business indicator - January 2023
In January 2023, the business climate in France remains virtually stable, as it has been since September 2022. The indicator that synthesizes it, calculated from the responses of business managers from the main market sectors, has lost one point compared to December. At 102, it remains slightly above its long-term average (100). This virtual stability of the business climate in January is the result of mixed movements: the business situation has improved a little in industry, services and retail trade but it has sharply deteriorated in wholesale trade (compared to November) and, to a lesser extent, in building construction.
In January 2023, the business climate in France remains a little above its long-term average
In January 2023, the business climate in France remains virtually stable, as it has been since September 2022. The indicator that synthesizes it, calculated from the responses of business managers from the main market sectors, has lost one point compared to December. At 102, it remains slightly above its long-term average (100). This virtual stability of the business climate in January is the result of mixed movements: the business situation has improved a little in industry, services and retail trade but it has sharply deteriorated in wholesale trade (compared to November) and, to a lesser extent, in building construction.
tableauFrench business climate composite indicator
| French business climate composite indicator | |
|---|---|
| 2023-01 | 102.1 |
| 2022-12 | 102.6 |
| 2022-11 | 102.2 |
| 2022-10 | 102.2 |
| 2022-09 | 101.8 |
| 2022-08 | 103.5 |
| 2022-07 | 102.8 |
| 2022-06 | 104.0 |
| 2022-05 | 105.6 |
| 2022-04 | 105.4 |
| 2022-03 | 106.6 |
| 2022-02 | 112.6 |
| 2022-01 | 107.3 |
| 2021-12 | 109.0 |
| 2021-11 | 113.3 |
| 2021-10 | 112.3 |
| 2021-09 | 110.4 |
| 2021-08 | 109.8 |
| 2021-07 | 112.0 |
| 2021-06 | 113.5 |
| 2021-05 | 109.1 |
| 2021-04 | 95.4 |
| 2021-03 | 97.3 |
| 2021-02 | 90.6 |
| 2021-01 | 93.2 |
| 2020-12 | 92.1 |
| 2020-11 | 77.8 |
| 2020-10 | 89.7 |
| 2020-09 | 93.0 |
| 2020-08 | 93.3 |
| 2020-07 | 89.8 |
| 2020-06 | 83.4 |
| 2020-05 | 59.0 |
| 2020-04 | 47.1 |
| 2020-03 | 93.6 |
| 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 | 108.0 |
| 2018-06 | 108.4 |
| 2018-05 | 108.7 |
| 2018-04 | 110.5 |
| 2018-03 | 111.1 |
| 2018-02 | 111.3 |
| 2018-01 | 112.2 |
| 2017-12 | 112.7 |
| 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 | 95.6 |
| 2015-01 | 94.6 |
| 2014-12 | 93.8 |
| 2014-11 | 93.6 |
| 2014-10 | 91.7 |
| 2014-09 | 91.8 |
| 2014-08 | 92.7 |
| 2014-07 | 94.2 |
| 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 | 94.0 |
| 2013-11 | 94.5 |
| 2013-10 | 95.2 |
| 2013-09 | 95.4 |
| 2013-08 | 91.8 |
| 2013-07 | 88.5 |
| 2013-06 | 86.8 |
| 2013-05 | 85.5 |
| 2013-04 | 84.4 |
| 2013-03 | 85.9 |
| 2013-02 | 88.0 |
| 2013-01 | 87.9 |
| 2012-12 | 88.5 |
| 2012-11 | 87.8 |
| 2012-10 | 86.6 |
| 2012-09 | 88.3 |
| 2012-08 | 89.8 |
| 2012-07 | 90.7 |
| 2012-06 | 91.9 |
| 2012-05 | 93.1 |
| 2012-04 | 97.3 |
| 2012-03 | 95.7 |
| 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 | 101.4 |
| 2011-07 | 106.2 |
| 2011-06 | 107.6 |
| 2011-05 | 107.9 |
| 2011-04 | 108.5 |
| 2011-03 | 109.3 |
| 2011-02 | 108.7 |
| 2011-01 | 107.5 |
| 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 | 96.7 |
| 2010-04 | 95.4 |
| 2010-03 | 91.7 |
| 2010-02 | 92.3 |
| 2010-01 | 91.7 |
| 2009-12 | 90.1 |
| 2009-11 | 89.9 |
| 2009-10 | 88.2 |
| 2009-09 | 85.5 |
| 2009-08 | 82.7 |
| 2009-07 | 79.5 |
| 2009-06 | 77.5 |
| 2009-05 | 74.2 |
| 2009-04 | 71.5 |
| 2009-03 | 69.7 |
| 2009-02 | 73.8 |
| 2009-01 | 75.4 |
| 2008-12 | 77.1 |
| 2008-11 | 79.9 |
| 2008-10 | 83.8 |
| 2008-09 | 92.8 |
| 2008-08 | 95.2 |
| 2008-07 | 96.8 |
| 2008-06 | 100.2 |
| 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 | 109.7 |
| 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 | 108.7 |
| 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
- Source: INSEE
In wholesale trade, the business climate has deteriorated sharply compared to November, because of the marked retreat of the balances of opinion related to deliveries received from abroad and past sales.
In building construction, the business climate indicator has edged down a little, but it remains well above its long-term average.
In manufacturing industry, the business climate has improved again a bit, held up by the balances of opinion concerning past production and foreign order books.
In services, the business climate indicator has also risen a little: the business managers are more optimistic compared to December regarding their personal outlook, even though there are less concerning the general business outlook of the sector.
Finally, in retail trade, the business climate has recovered, held up notably by the rebounds in the balances about past sales and the expected change in the workforce for the next three months.
tableauBusiness and employment climates
| Sept. 22 | Oct. 22 | Nov. 22 | Dec. 22 | Jan. 23 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 102 | 102 | 102 | 103 | 102 |
| Manufacturing | 102 | 103 | 101 | 102 | 103 |
| Building construction | 113 | 115 | 114 | 115 | 114 |
| Services | 105 | 105 | 104 | 104 | 105 |
| Retail trade | 95 | 97 | 97 | 99 | 101 |
| Wholesale trade | 97 | 102 | 95 | ||
| Employment | 109 | 109 | 107 | 110 | 112 |
- Source: INSEE, Business tendency surveys
The employment climate has improved again
In January 2023, the employment climate has improved again (+2 points) and has reached 112, well above its long-term average (100). This improvement is mainly due to the increase in the balance of opinion related to the expected change in the workforce size in services (excluding the temporary work agencies) and, to a lesser extent, in retail trade.
tableauFrench employment climate composite indicator
| French employment climate composite indicator | |
|---|---|
| 2023-01 | 111.7 |
| 2022-12 | 110.2 |
| 2022-11 | 107.5 |
| 2022-10 | 109.3 |
| 2022-09 | 108.7 |
| 2022-08 | 107.1 |
| 2022-07 | 108.9 |
| 2022-06 | 107.4 |
| 2022-05 | 109.5 |
| 2022-04 | 110.5 |
| 2022-03 | 113.0 |
| 2022-02 | 113.1 |
| 2022-01 | 110.3 |
| 2021-12 | 109.4 |
| 2021-11 | 112.1 |
| 2021-10 | 109.8 |
| 2021-09 | 105.4 |
| 2021-08 | 107.4 |
| 2021-07 | 107.1 |
| 2021-06 | 104.4 |
| 2021-05 | 100.0 |
| 2021-04 | 92.3 |
| 2021-03 | 92.7 |
| 2021-02 | 86.0 |
| 2021-01 | 88.1 |
| 2020-12 | 86.3 |
| 2020-11 | 84.9 |
| 2020-10 | 89.1 |
| 2020-09 | 92.4 |
| 2020-08 | 87.7 |
| 2020-07 | 76.2 |
| 2020-06 | 67.4 |
| 2020-05 | 55.2 |
| 2020-04 | 51.7 |
| 2020-03 | 97.3 |
| 2020-02 | 105.0 |
| 2020-01 | 105.0 |
| 2019-12 | 106.1 |
| 2019-11 | 105.9 |
| 2019-10 | 105.0 |
| 2019-09 | 105.9 |
| 2019-08 | 105.1 |
| 2019-07 | 105.9 |
| 2019-06 | 106.5 |
| 2019-05 | 105.4 |
| 2019-04 | 107.3 |
| 2019-03 | 107.7 |
| 2019-02 | 107.1 |
| 2019-01 | 105.1 |
| 2018-12 | 104.5 |
| 2018-11 | 104.8 |
| 2018-10 | 106.6 |
| 2018-09 | 107.1 |
| 2018-08 | 107.4 |
| 2018-07 | 108.1 |
| 2018-06 | 109.9 |
| 2018-05 | 109.1 |
| 2018-04 | 109.0 |
| 2018-03 | 110.0 |
| 2018-02 | 109.9 |
| 2018-01 | 109.2 |
| 2017-12 | 108.6 |
| 2017-11 | 107.9 |
| 2017-10 | 108.0 |
| 2017-09 | 106.6 |
| 2017-08 | 105.7 |
| 2017-07 | 107.5 |
| 2017-06 | 107.7 |
| 2017-05 | 107.1 |
| 2017-04 | 106.2 |
| 2017-03 | 107.4 |
| 2017-02 | 104.6 |
| 2017-01 | 105.1 |
| 2016-12 | 106.3 |
| 2016-11 | 104.5 |
| 2016-10 | 104.5 |
| 2016-09 | 104.2 |
| 2016-08 | 103.2 |
| 2016-07 | 103.7 |
| 2016-06 | 101.6 |
| 2016-05 | 102.2 |
| 2016-04 | 100.7 |
| 2016-03 | 99.8 |
| 2016-02 | 100.7 |
| 2016-01 | 101.8 |
| 2015-12 | 100.6 |
| 2015-11 | 101.7 |
| 2015-10 | 100.4 |
| 2015-09 | 100.2 |
| 2015-08 | 100.3 |
| 2015-07 | 99.6 |
| 2015-06 | 99.2 |
| 2015-05 | 97.4 |
| 2015-04 | 97.4 |
| 2015-03 | 95.6 |
| 2015-02 | 96.0 |
| 2015-01 | 93.9 |
| 2014-12 | 94.6 |
| 2014-11 | 94.5 |
| 2014-10 | 94.6 |
| 2014-09 | 94.8 |
| 2014-08 | 94.5 |
| 2014-07 | 96.0 |
| 2014-06 | 95.4 |
| 2014-05 | 97.0 |
| 2014-04 | 97.9 |
| 2014-03 | 95.5 |
| 2014-02 | 94.7 |
| 2014-01 | 95.5 |
| 2013-12 | 95.3 |
| 2013-11 | 93.3 |
| 2013-10 | 94.8 |
| 2013-09 | 92.6 |
| 2013-08 | 90.8 |
| 2013-07 | 90.5 |
| 2013-06 | 89.2 |
| 2013-05 | 86.9 |
| 2013-04 | 87.2 |
| 2013-03 | 88.5 |
| 2013-02 | 89.3 |
| 2013-01 | 92.5 |
| 2012-12 | 89.9 |
| 2012-11 | 90.3 |
| 2012-10 | 91.7 |
| 2012-09 | 91.2 |
| 2012-08 | 93.6 |
| 2012-07 | 92.8 |
| 2012-06 | 94.1 |
| 2012-05 | 95.4 |
| 2012-04 | 97.8 |
| 2012-03 | 99.1 |
| 2012-02 | 97.4 |
| 2012-01 | 97.9 |
| 2011-12 | 98.9 |
| 2011-11 | 100.6 |
| 2011-10 | 100.8 |
| 2011-09 | 103.6 |
| 2011-08 | 105.5 |
| 2011-07 | 109.5 |
| 2011-06 | 111.2 |
| 2011-05 | 111.0 |
| 2011-04 | 109.5 |
| 2011-03 | 109.3 |
| 2011-02 | 109.8 |
| 2011-01 | 104.1 |
| 2010-12 | 105.1 |
| 2010-11 | 104.5 |
| 2010-10 | 103.4 |
| 2010-09 | 101.0 |
| 2010-08 | 99.3 |
| 2010-07 | 98.9 |
| 2010-06 | 98.5 |
| 2010-05 | 97.4 |
| 2010-04 | 95.3 |
| 2010-03 | 93.2 |
| 2010-02 | 90.6 |
| 2010-01 | 89.9 |
| 2009-12 | 88.5 |
| 2009-11 | 86.3 |
| 2009-10 | 84.2 |
| 2009-09 | 82.4 |
| 2009-08 | 83.0 |
| 2009-07 | 78.3 |
| 2009-06 | 74.7 |
| 2009-05 | 73.4 |
| 2009-04 | 74.3 |
| 2009-03 | 73.8 |
| 2009-02 | 79.1 |
| 2009-01 | 80.7 |
| 2008-12 | 83.0 |
| 2008-11 | 88.0 |
| 2008-10 | 95.1 |
| 2008-09 | 99.7 |
| 2008-08 | 101.0 |
| 2008-07 | 105.2 |
| 2008-06 | 104.8 |
| 2008-05 | 108.1 |
| 2008-04 | 112.3 |
| 2008-03 | 112.2 |
| 2008-02 | 113.6 |
| 2008-01 | 113.4 |
| 2007-12 | 114.1 |
| 2007-11 | 112.5 |
| 2007-10 | 111.2 |
| 2007-09 | 112.9 |
| 2007-08 | 112.2 |
| 2007-07 | 110.8 |
| 2007-06 | 112.6 |
| 2007-05 | 113.0 |
| 2007-04 | 111.4 |
| 2007-03 | 110.9 |
| 2007-02 | 110.9 |
| 2007-01 | 109.0 |
| 2006-12 | 110.5 |
| 2006-11 | 110.0 |
| 2006-10 | 108.5 |
| 2006-09 | 107.8 |
| 2006-08 | 108.8 |
| 2006-07 | 109.5 |
| 2006-06 | 109.6 |
| 2006-05 | 107.8 |
| 2006-04 | 106.7 |
| 2006-03 | 104.4 |
| 2006-02 | 103.9 |
| 2006-01 | 103.7 |
| 2005-12 | 102.8 |
| 2005-11 | 103.5 |
| 2005-10 | 103.7 |
| 2005-09 | 103.4 |
| 2005-08 | 103.0 |
| 2005-07 | 102.4 |
| 2005-06 | 101.8 |
| 2005-05 | 102.3 |
| 2005-04 | 101.6 |
| 2005-03 | 104.1 |
| 2005-02 | 101.5 |
| 2005-01 | 101.8 |
graphiqueFrench employment climate composite indicator
- Source: INSEE
Revisions
The composite indicator of the business climate in France of December 2022 as well as the sectoral indicators of business climates in manufacturing industry and building construction are all revised upwards by one point. Conversely, the indicators of the business climate in retail trade and the employment climate for this same month are both revised downwards by one point. These revisions (after rounding) 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 industry, 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 industry, 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 28 December 2022 and 18 January 2023.
Next issue: 22 February 2023 at 08:45 am.
Documentation
Changes to business tendency surveys – October 2021 (pdf,181 Ko)
Methodology note (in French) (pdf,245 Ko)
Pour en savoir plus
The business climate indicator summarises the information provided by the surveys in manufacturing industry, 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 industry, 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 28 December 2022 and 18 January 2023.
Next issue: 22 February 2023 at 08:45 am.