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Informations Rapides · 25 May 2023 · n° 132
Informations rapidesIn May 2023, the business climate in France and the employment climate have darkened again Business indicator - May 2023

In May 2023, the business climate in France has darkened, for the third month in a row. At 100, the indicator that synthesizes it, calculated from the responses of business managers from the main market sectors, has lost two points compared to April and has moved back to its long-term average. It stands at its lowest level since April 2021. All the main market sectors have contributed to this deterioration in May.

Informations rapides
No 132
Paru le :Paru le25/05/2023
Prochaine parution le : 21/06/2024 at 08:45 - June 2024

The business climate in France has faltered again

In May 2023, the business climate in France has darkened, for the third month in a row. At 100, the indicator that synthesizes it, calculated from the responses of business managers from the main market sectors, has lost two points compared to April and has moved back to its long-term average. It stands at its lowest level since April 2021. All the main market sectors have contributed to this deterioration in May.

French business climate composite indicator

French business climate composite indicator
French business climate composite indicator
2023-05 100.0
2023-04 102.2
2023-03 103.2
2023-02 103.5
2023-01 102.0
2022-12 102.5
2022-11 102.1
2022-10 102.1
2022-09 101.7
2022-08 103.4
2022-07 102.8
2022-06 103.9
2022-05 105.6
2022-04 105.4
2022-03 106.6
2022-02 112.7
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
2021-05 109.2
2021-04 95.3
2021-03 97.3
2021-02 90.5
2021-01 93.1
2020-12 92.0
2020-11 77.7
2020-10 89.6
2020-09 92.9
2020-08 93.3
2020-07 89.8
2020-06 83.4
2020-05 58.8
2020-04 46.8
2020-03 93.6
2020-02 105.5
2020-01 105.7
2019-12 105.7
2019-11 106.0
2019-10 105.9
2019-09 106.1
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
2018-01 112.3
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
2017-05 107.5
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
2015-06 100.3
2015-05 99.1
2015-04 98.0
2015-03 96.7
2015-02 95.6
2015-01 94.5
2014-12 93.8
2014-11 93.6
2014-10 91.7
2014-09 91.7
2014-08 92.7
2014-07 94.2
2014-06 94.7
2014-05 95.4
2014-04 96.0
2014-03 96.0
2014-02 94.9
2014-01 95.2
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 85.4
2013-04 84.3
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 93.0
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 96.2
2010-05 96.7
2010-04 95.4
2010-03 91.6
2010-02 92.2
2010-01 91.6
2009-12 90.1
2009-11 89.9
2009-10 88.1
2009-09 85.4
2009-08 82.6
2009-07 79.4
2009-06 77.4
2009-05 74.1
2009-04 71.4
2009-03 69.5
2009-02 73.7
2009-01 75.2
2008-12 77.0
2008-11 79.7
2008-10 83.6
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
2007-08 111.7
2007-07 112.6
2007-06 113.5
2007-05 112.5
2007-04 112.4
2007-03 111.8
2007-02 111.4
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
2006-05 106.5
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

French business climate composite indicator

  • Source: INSEE

In building construction, the business climate has darkened markedly, due to the retreat of most balances of opinion related to the production, the workforce size and the order books.

In manufacturing industry, the business climate has deteriorated for the third month in a row and has moved just below its long-term average, for the most part because of the new decline in the balances of opinion concerning past production and order books.

In services, the business climate indicator has retreated for the third month in a row. The business managers are less optimistic concerning the activity prospects, for themselves as well as for the sector as a whole.

In retail trade (including trade and repair of vehicles), the business climate has faltered a little, mainly because of the decline in the balances of opinion on ordering intentions and the recent change in the workforce size.

Finally, in wholesale trade, the bimonthly indicator of the business climate has deteriorated sharply compared to March, weighed down in particular by the retreat in the balances related to past sales and merchandise received from abroad.

Business and employment climates

Business and employment climates
Jan. 23 Feb. 23 Mar. 23 Apr. 23 May 23
Business climates
France 102 104 103 102 100
Manufacturing industry 103 105 104 101 99
Building construction 114 112 111 111 108
Services 105 106 105 103 101
Retail trade* 101 102 99 101 100
Wholesale trade 96 98 94
Employment 110 110 110 109 106
  • * including trade and repair of vehicles
  • Source : INSEE, business tendency surveys

The employment climate has deteriorated too

In May 2023, the employment climate has deteriorated sharply. At 106, it has lost three points but remains above its long-term average (100). It stands at its lowest level since September 2021. This deterioration in May is mainly due to the fall in the balances of opinion related to the past and expected change in the workforce size in services (both temporary and non-temporary work agencies).

French employment climate composite indicator

French employment climate composite indicator
French employment climate composite indicator
2023-05 105.5
2023-04 109.5
2023-03 110.4
2023-02 110.2
2023-01 110.4
2022-12 110.1
2022-11 107.4
2022-10 109.3
2022-09 108.7
2022-08 107.2
2022-07 108.9
2022-06 107.3
2022-05 109.5
2022-04 110.1
2022-03 112.8
2022-02 113.0
2022-01 110.2
2021-12 109.3
2021-11 112.0
2021-10 109.7
2021-09 105.4
2021-08 107.4
2021-07 107.0
2021-06 104.3
2021-05 99.9
2021-04 92.1
2021-03 92.5
2021-02 85.8
2021-01 87.9
2020-12 86.2
2020-11 84.8
2020-10 89.1
2020-09 92.3
2020-08 87.8
2020-07 76.1
2020-06 67.2
2020-05 55.0
2020-04 51.4
2020-03 97.2
2020-02 104.9
2020-01 104.9
2019-12 106.0
2019-11 105.8
2019-10 105.0
2019-09 105.8
2019-08 105.2
2019-07 105.8
2019-06 106.3
2019-05 105.3
2019-04 107.2
2019-03 107.6
2019-02 107.0
2019-01 105.0
2018-12 104.4
2018-11 104.7
2018-10 106.6
2018-09 107.0
2018-08 107.4
2018-07 108.1
2018-06 109.8
2018-05 109.0
2018-04 108.9
2018-03 109.9
2018-02 109.8
2018-01 109.1
2017-12 108.5
2017-11 107.8
2017-10 107.9
2017-09 106.5
2017-08 105.7
2017-07 107.4
2017-06 107.6
2017-05 107.0
2017-04 106.1
2017-03 107.3
2017-02 104.5
2017-01 105.0
2016-12 106.2
2016-11 104.5
2016-10 104.4
2016-09 104.1
2016-08 103.1
2016-07 103.6
2016-06 101.5
2016-05 102.1
2016-04 100.6
2016-03 99.7
2016-02 100.6
2016-01 101.8
2015-12 100.5
2015-11 101.6
2015-10 100.3
2015-09 100.1
2015-08 100.3
2015-07 99.5
2015-06 99.1
2015-05 97.3
2015-04 97.3
2015-03 95.5
2015-02 95.9
2015-01 93.7
2014-12 94.5
2014-11 94.5
2014-10 94.5
2014-09 94.7
2014-08 94.4
2014-07 95.9
2014-06 95.3
2014-05 96.9
2014-04 97.8
2014-03 95.4
2014-02 94.6
2014-01 95.4
2013-12 95.2
2013-11 93.2
2013-10 94.7
2013-09 92.5
2013-08 90.7
2013-07 90.4
2013-06 89.1
2013-05 86.7
2013-04 87.1
2013-03 88.4
2013-02 89.2
2013-01 92.4
2012-12 89.8
2012-11 90.2
2012-10 91.6
2012-09 91.1
2012-08 93.5
2012-07 92.7
2012-06 94.0
2012-05 95.3
2012-04 97.7
2012-03 99.0
2012-02 97.3
2012-01 97.8
2011-12 98.8
2011-11 100.5
2011-10 100.7
2011-09 103.5
2011-08 105.4
2011-07 109.4
2011-06 111.1
2011-05 110.9
2011-04 109.5
2011-03 109.2
2011-02 109.8
2011-01 104.0
2010-12 105.0
2010-11 104.4
2010-10 103.3
2010-09 100.9
2010-08 99.2
2010-07 98.9
2010-06 98.4
2010-05 97.3
2010-04 95.2
2010-03 93.1
2010-02 90.5
2010-01 89.8
2009-12 88.4
2009-11 86.2
2009-10 84.1
2009-09 82.3
2009-08 82.9
2009-07 78.2
2009-06 74.6
2009-05 73.3
2009-04 74.2
2009-03 73.6
2009-02 79.0
2009-01 80.6
2008-12 82.9
2008-11 87.9
2008-10 95.0
2008-09 99.6
2008-08 100.9
2008-07 105.1
2008-06 104.7
2008-05 108.0
2008-04 112.3
2008-03 112.1
2008-02 113.5
2008-01 113.3
2007-12 114.0
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
2007-01 108.9
2006-12 110.4
2006-11 109.9
2006-10 108.4
2006-09 107.7
2006-08 108.7
2006-07 109.4
2006-06 109.6
2006-05 107.7
2006-04 106.6
2006-03 104.4
2006-02 103.8
2006-01 103.6
2005-12 102.8
2005-11 103.4
2005-10 103.6
2005-09 103.3
2005-08 102.9
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

French employment climate composite indicator

  • Source: INSEE

Revisions

The composite indicator of the employment climate as well as the sectoral business climate in retail trade (including trade and repair of vehicles) of April 2023 have both been revised upwards 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, 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 26 April and 22 May 2023.

Next issue: 22 June 2023 at 08:45 am.

Pour en savoir plus

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 26 April and 22 May 2023.

Next issue: 22 June 2023 at 08:45 am.

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