Informations Rapides · 25 May 2023· n° 132
In 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

N^o 132

Paru le :Paru le25/05/2023

Prochaine parution le : 22/06/2023 at 08:45 - June 2023

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The business climate in France has faltered again
The employment climate has deteriorated too
Revisions
For further information

The business climate in France has faltered 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
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

graphiqueFrench business climate composite indicator

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.

tableauBusiness 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).

Graphique
Tableau

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tableauFrench 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

graphiqueFrench employment climate composite indicator

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.