Informations Rapides · 28 March 2023 · n° 82
In March 2023, the business climate in France has faltered a little and the employment climate is stable Business indicator - March 2023

In March 2023, the business climate in France has edged down a little. The indicator that synthesizes it, calculated from the responses of business managers from the main market sectors, has lost one point compared to February. At 103, it remains, though, above its long-term average (100). The climate has deteriorated a bit in most activity sectors, except in wholesale trade (for which the business situation has improved compared to January, the survey in this sector occurring bimonthly).

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N^o 82

Paru le :Paru le28/03/2023

Prochaine parution le : 24/05/2024 at 08:45 - May 2024

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In March 2023, the business climate in France has edged down a little in most activity sectors
The employment climate remains favourable
Revisions
For further information

In March 2023, the business climate in France has edged down a little in most activity sectors

Graphique
Tableau

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tableauFrench business climate composite indicator

French business climate composite indicator
	French business climate composite indicator
2023-03	103.1
2023-02	103.5
2023-01	102.0
2022-12	102.6
2022-11	102.2
2022-10	102.1
2022-09	101.8
2022-08	103.5
2022-07	102.8
2022-06	103.9
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	95.3
2021-03	97.3
2021-02	90.6
2021-01	93.1
2020-12	92.1
2020-11	77.8
2020-10	89.6
2020-09	92.9
2020-08	93.3
2020-07	89.8
2020-06	83.4
2020-05	58.9
2020-04	47.0
2020-03	93.6
2020-02	105.5
2020-01	105.7
2019-12	105.7
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	103.6
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	110.4
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	103.7
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	98.0
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	95.3
2013-08	91.7
2013-07	88.4
2013-06	86.7
2013-05	85.5
2013-04	84.4
2013-03	85.8
2013-02	87.9
2013-01	87.9
2012-12	88.4
2012-11	87.8
2012-10	86.5
2012-09	88.2
2012-08	89.7
2012-07	90.7
2012-06	91.9
2012-05	93.1
2012-04	97.3
2012-03	95.7
2012-02	93.2
2012-01	93.3
2011-12	94.7
2011-11	95.6
2011-10	97.6
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	98.2
2010-06	96.3
2010-05	96.7
2010-04	95.4
2010-03	91.6
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	74.1
2009-04	71.4
2009-03	69.6
2009-02	73.7
2009-01	75.3
2008-12	77.1
2008-11	79.8
2008-10	83.7
2008-09	92.7
2008-08	95.2
2008-07	96.7
2008-06	100.2
2008-05	103.3
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	101.5
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 retail trade (including trade and repair of vehicles), the business climate indicator has worsened and has moved back slightly below its long-term average, mainly because of the decline in the balance of opinion related to ordering intentions.

In services, the business climate has darkened a little, weighed down by the decrease in the balances concerning recent and expected activity.

In manufacturing industry, the business climate has also deteriorated a bit, because of the decline in the balances about past as well as expected production.

In building construction, the business climate has faltered a little again, due to the fall in the balances of opinion about the expected change in the activity and the workforce size.

Finally, conversely, in wholesale trade, the business climate has improved in March compared to January, held up by the balances related to deliveries received from abroad and past sales abroad.

tableauBusiness and employment climates

Business and employment climates
	Nov. 22	Dec. 22	Jan. 23	Feb. 23	March 23
Business climates
France	102	103	102	104	103
Manufacturing	101	102	103	105	104
Building construction	113	114	114	112	111
Services	104	104	105	106	105
Retail trade	97	99	101	102	99
Wholesale trade	102		96		98

Employment	107	110	110	110	110

Source: INSEE, Business tendency surveys

The employment climate remains favourable

In March 2023, the employment climate remains stable. It stands at 110 since December 2022, well above its long-term average (100). This stability in March is the result of mixed movements: in particular, the good standing of the balance related to the expected change in the workforce size in manufacturing industry is offset by the decrease in the balances about 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
2023-03	109.7
2023-02	110.2
2023-01	110.4
2022-12	110.1
2022-11	107.4
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	110.4
2022-03	112.9
2022-02	113.0
2022-01	110.2
2021-12	109.3
2021-11	112.0
2021-10	109.8
2021-09	105.4
2021-08	107.4
2021-07	107.1
2021-06	104.4
2021-05	99.9
2021-04	92.3
2021-03	92.6
2021-02	85.9
2021-01	88.0
2020-12	86.2
2020-11	84.9
2020-10	89.1
2020-09	92.4
2020-08	87.7
2020-07	76.2
2020-06	67.3
2020-05	55.1
2020-04	51.6
2020-03	97.2
2020-02	105.0
2020-01	104.9
2019-12	106.0
2019-11	105.9
2019-10	105.0
2019-09	105.8
2019-08	105.1
2019-07	105.9
2019-06	106.4
2019-05	105.4
2019-04	107.3
2019-03	107.7
2019-02	107.0
2019-01	105.0
2018-12	104.5
2018-11	104.7
2018-10	106.6
2018-09	107.1
2018-08	107.3
2018-07	108.1
2018-06	109.9
2018-05	109.1
2018-04	108.9
2018-03	110.0
2018-02	109.9
2018-01	109.2
2017-12	108.5
2017-11	107.8
2017-10	107.9
2017-09	106.5
2017-08	105.6
2017-07	107.4
2017-06	107.6
2017-05	107.1
2017-04	106.2
2017-03	107.4
2017-02	104.6
2017-01	105.0
2016-12	106.2
2016-11	104.5
2016-10	104.5
2016-09	104.2
2016-08	103.2
2016-07	103.7
2016-06	101.5
2016-05	102.2
2016-04	100.6
2016-03	99.8
2016-02	100.6
2016-01	101.8
2015-12	100.5
2015-11	101.6
2015-10	100.3
2015-09	100.2
2015-08	100.3
2015-07	99.6
2015-06	99.1
2015-05	97.4
2015-04	97.3
2015-03	95.6
2015-02	95.9
2015-01	93.8
2014-12	94.5
2014-11	94.5
2014-10	94.5
2014-09	94.7
2014-08	94.5
2014-07	95.9
2014-06	95.3
2014-05	97.0
2014-04	97.9
2014-03	95.4
2014-02	94.7
2014-01	95.4
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	86.8
2013-04	87.1
2013-03	88.5
2013-02	89.3
2013-01	92.5
2012-12	89.8
2012-11	90.2
2012-10	91.6
2012-09	91.2
2012-08	93.5
2012-07	92.7
2012-06	94.1
2012-05	95.4
2012-04	97.7
2012-03	99.0
2012-02	97.4
2012-01	97.8
2011-12	98.9
2011-11	100.5
2011-10	100.7
2011-09	103.5
2011-08	105.5
2011-07	109.4
2011-06	111.2
2011-05	110.9
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	99.2
2010-07	98.9
2010-06	98.4
2010-05	97.3
2010-04	95.3
2010-03	93.2
2010-02	90.5
2010-01	89.9
2009-12	88.5
2009-11	86.3
2009-10	84.2
2009-09	82.3
2009-08	82.9
2009-07	78.3
2009-06	74.6
2009-05	73.4
2009-04	74.2
2009-03	73.7
2009-02	79.1
2009-01	80.6
2008-12	82.9
2008-11	87.9
2008-10	95.1
2008-09	99.6
2008-08	100.9
2008-07	105.1
2008-06	104.8
2008-05	108.0
2008-04	112.3
2008-03	112.1
2008-02	113.6
2008-01	113.3
2007-12	114.1
2007-11	112.5
2007-10	111.1
2007-09	112.9
2007-08	112.1
2007-07	110.8
2007-06	112.5
2007-05	112.9
2007-04	111.4
2007-03	110.8
2007-02	110.9
2007-01	109.0
2006-12	110.5
2006-11	109.9
2006-10	108.4
2006-09	107.8
2006-08	108.8
2006-07	109.5
2006-06	109.6
2006-05	107.8
2006-04	106.6
2006-03	104.4
2006-02	103.9
2006-01	103.7
2005-12	102.8
2005-11	103.4
2005-10	103.6
2005-09	103.3
2005-08	103.0
2005-07	102.3
2005-06	101.8
2005-05	102.2
2005-04	101.5
2005-03	104.0
2005-02	101.5
2005-01	101.7

graphiqueFrench employment climate composite indicator

Revisions

The composite indicator of the business climate in France as well as the sectoral business climate in manufacturing industry of February 2023 have both been revised upwards by one point, so has been the indicator of the business climate in wholesale trade of January 2023. 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, 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.

The responses to these surveys were collected between 24 February and 22 March 2023.

Next issue: 20 April 2023 at 08:45 am.

Documentation

Changes to business tendency surveys – October 2021 (pdf,181 Ko)

Methodology note (in French) (pdf,245 Ko)

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