Informations Rapides · 20 July 2023 · n° 186
In July 2023, the business climate in France and the employment climate remain stable Business indicator - July 2023

In July 2023, the business climate in France is stable. At 100, the indicator that synthesizes it, calculated from the responses of business managers from the main market sectors, stands for the third month in a row at its long-term level. Indeed, the business situation is unchanged in most sectors, except for a degradation in wholesale trade compared to May and an improvement in retail trade (including trade and repair of vehicles) compared to June.

Informations rapides

N^o 186

Paru le :Paru le20/07/2023

Prochaine parution le : 22/05/2025 at 08:45 - May 2025

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Warning

The seasonal coefficients as well as the parameters of the composite indicators have been updated in July 2023. This has led to revisions in the set of results previously released in this publication. Those revisions are for the most part quite minor and have no impact on the analysis of the business situation.

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Sommaire

In July 2023, the business climate in France remains at its long-term average
The employment climate is stable
Revisions
For further information

In July 2023, the business climate in France remains at its long-term average

Graphique
Tableau

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tableauFrench business climate composite indicator

French business climate composite indicator
	French business climate composite indicator
2023-07	99.9
2023-06	100.4
2023-05	99.7
2023-04	102.2
2023-03	103.1
2023-02	102.9
2023-01	102.1
2022-12	102.2
2022-11	102.0
2022-10	102.2
2022-09	102.6
2022-08	104.0
2022-07	103.5
2022-06	104.7
2022-05	105.9
2022-04	106.3
2022-03	107.4
2022-02	113.0
2022-01	108.2
2021-12	109.5
2021-11	113.8
2021-10	113.0
2021-09	111.7
2021-08	110.6
2021-07	112.7
2021-06	114.5
2021-05	109.7
2021-04	96.2
2021-03	97.9
2021-02	90.8
2021-01	93.6
2020-12	92.5
2020-11	78.2
2020-10	90.0
2020-09	93.9
2020-08	94.2
2020-07	90.8
2020-06	84.8
2020-05	60.0
2020-04	47.9
2020-03	94.3
2020-02	105.7
2020-01	106.1
2019-12	106.0
2019-11	106.2
2019-10	106.1
2019-09	106.7
2019-08	105.9
2019-07	105.7
2019-06	106.4
2019-05	106.5
2019-04	106.5
2019-03	106.0
2019-02	104.5
2019-01	104.1
2018-12	103.6
2018-11	106.4
2018-10	106.0
2018-09	107.3
2018-08	107.8
2018-07	108.1
2018-06	108.8
2018-05	109.1
2018-04	110.8
2018-03	111.5
2018-02	111.6
2018-01	112.5
2017-12	113.0
2017-11	111.5
2017-10	110.5
2017-09	110.7
2017-08	110.4
2017-07	109.4
2017-06	108.5
2017-05	107.5
2017-04	106.9
2017-03	106.5
2017-02	106.8
2017-01	106.0
2016-12	105.9
2016-11	103.5
2016-10	103.6
2016-09	103.4
2016-08	103.4
2016-07	103.7
2016-06	102.9
2016-05	104.2
2016-04	102.3
2016-03	102.8
2016-02	102.9
2016-01	103.9
2015-12	101.5
2015-11	102.8
2015-10	102.8
2015-09	102.0
2015-08	102.7
2015-07	101.0
2015-06	100.6
2015-05	99.4
2015-04	98.3
2015-03	97.0
2015-02	95.9
2015-01	94.8
2014-12	94.1
2014-11	93.9
2014-10	92.1
2014-09	92.1
2014-08	93.1
2014-07	94.5
2014-06	95.1
2014-05	95.7
2014-04	96.2
2014-03	96.3
2014-02	95.1
2014-01	95.6
2013-12	94.3
2013-11	94.8
2013-10	95.4
2013-09	95.6
2013-08	91.9
2013-07	88.7
2013-06	87.0
2013-05	85.8
2013-04	84.7
2013-03	86.1
2013-02	88.1
2013-01	88.1
2012-12	88.5
2012-11	87.9
2012-10	86.6
2012-09	88.3
2012-08	89.8
2012-07	90.8
2012-06	91.9
2012-05	93.0
2012-04	97.2
2012-03	95.6
2012-02	93.1
2012-01	93.3
2011-12	94.7
2011-11	95.6
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	108.6
2011-03	109.3
2011-02	108.8
2011-01	107.6
2010-12	106.6
2010-11	105.0
2010-10	104.2
2010-09	102.4
2010-08	100.3
2010-07	98.3
2010-06	96.3
2010-05	96.9
2010-04	95.6
2010-03	91.9
2010-02	92.5
2010-01	91.9
2009-12	90.4
2009-11	90.1
2009-10	88.5
2009-09	85.7
2009-08	82.9
2009-07	79.8
2009-06	77.8
2009-05	74.4
2009-04	71.6
2009-03	69.8
2009-02	73.7
2009-01	75.3
2008-12	77.0
2008-11	79.8
2008-10	83.6
2008-09	92.6
2008-08	95.0
2008-07	96.5
2008-06	100.0
2008-05	103.2
2008-04	105.9
2008-03	107.9
2008-02	108.0
2008-01	109.2
2007-12	109.8
2007-11	110.1
2007-10	109.6
2007-09	110.9
2007-08	111.5
2007-07	112.4
2007-06	113.3
2007-05	112.3
2007-04	112.1
2007-03	111.5
2007-02	111.2
2007-01	109.5
2006-12	109.4
2006-11	110.8
2006-10	109.2
2006-09	109.1
2006-08	108.5
2006-07	108.0
2006-06	106.0
2006-05	106.4
2006-04	104.5
2006-03	104.1
2006-02	103.6
2006-01	105.9
2005-12	104.5
2005-11	102.9
2005-10	103.4
2005-09	100.6
2005-08	101.3
2005-07	101.4
2005-06	101.7
2005-05	100.8
2005-04	103.3
2005-03	104.2
2005-02	104.0
2005-01	103.7

graphiqueFrench business climate composite indicator

In services, the business climate indicator is stable compared to June for its part, a little above its long-term average.

In building construction, the business climate has also held up, the balances of opinion related to the past and expected activity being stable.

In manufacturing industry, the business climate indicator has stabilized, at its long-term average.

In retail trade (including trade and repair of vehicles), the business climate has improved, held up by the balance of opinion on the general business outlook for the sector.

Finally, conversely, in wholesale trade, the bimonthly indicator has deteriorated compared to May, mainly because of the retreat in the balance of opinion related to ordering intentions.

tableauBusiness and employment climates

Business and employment climates
	Mar. 23	Apr. 23	May 23	June 23	Jul. 23
Business climates
France	103	102	100	100	100
Manufacturing industry	104	101	99	100	100
Building construction	108	108	107	106	106
Services	105	103	101	102	102
Retail trade*	97	100	97	102	106
Wholesale trade	98		94		92

Employment	110	110	107	106	106

* including trade and repair of vehicles
Source : INSEE, business tendency surveys

The employment climate is stable

In July 2023, the employment climate is stable compared to June. At 106, it remains above its long-term average (100). This stability is the result of mixed movements in the main market sectors, the slight degradation in the balance of opinion on the expected change in the workforce size in services (excluding temporary work agencies) offsetting the improvement in the balances related to the past and expected change in the workforce size in retail trade and in building construction.

Graphique
Tableau

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tableauFrench employment climate composite indicator

French employment climate composite indicator
	French employment climate composite indicator
2023-07	105.7
2023-06	106.3
2023-05	106.9
2023-04	110.2
2023-03	110.3
2023-02	110.4
2023-01	110.9
2022-12	110.0
2022-11	108.1
2022-10	108.9
2022-09	109.7
2022-08	108.0
2022-07	110.1
2022-06	108.2
2022-05	110.6
2022-04	111.5
2022-03	113.2
2022-02	113.7
2022-01	109.8
2021-12	108.7
2021-11	112.5
2021-10	110.5
2021-09	107.3
2021-08	108.6
2021-07	108.1
2021-06	106.5
2021-05	101.4
2021-04	92.6
2021-03	92.3
2021-02	85.7
2021-01	86.8
2020-12	85.3
2020-11	83.3
2020-10	89.2
2020-09	93.5
2020-08	89.1
2020-07	78.9
2020-06	70.0
2020-05	54.0
2020-04	47.5
2020-03	97.9
2020-02	105.8
2020-01	105.1
2019-12	106.4
2019-11	107.1
2019-10	106.2
2019-09	107.5
2019-08	106.7
2019-07	106.8
2019-06	107.4
2019-05	105.7
2019-04	107.6
2019-03	108.2
2019-02	107.2
2019-01	105.7
2018-12	104.5
2018-11	104.9
2018-10	106.9
2018-09	107.5
2018-08	107.6
2018-07	108.2
2018-06	109.7
2018-05	109.6
2018-04	109.0
2018-03	109.9
2018-02	109.4
2018-01	108.9
2017-12	108.2
2017-11	107.2
2017-10	108.0
2017-09	106.7
2017-08	105.1
2017-07	107.2
2017-06	107.5
2017-05	107.1
2017-04	106.4
2017-03	107.3
2017-02	104.5
2017-01	105.2
2016-12	106.2
2016-11	105.0
2016-10	104.6
2016-09	104.5
2016-08	102.7
2016-07	104.1
2016-06	101.2
2016-05	101.7
2016-04	100.0
2016-03	99.4
2016-02	100.4
2016-01	101.4
2015-12	100.4
2015-11	101.5
2015-10	99.7
2015-09	99.8
2015-08	100.1
2015-07	99.2
2015-06	98.8
2015-05	96.9
2015-04	96.9
2015-03	95.1
2015-02	95.4
2015-01	93.4
2014-12	94.2
2014-11	94.0
2014-10	94.0
2014-09	94.2
2014-08	93.9
2014-07	95.2
2014-06	94.9
2014-05	96.5
2014-04	97.2
2014-03	95.3
2014-02	94.1
2014-01	94.7
2013-12	94.5
2013-11	93.2
2013-10	94.3
2013-09	91.9
2013-08	90.8
2013-07	90.2
2013-06	89.0
2013-05	86.0
2013-04	87.1
2013-03	88.5
2013-02	89.2
2013-01	92.2
2012-12	89.7
2012-11	90.0
2012-10	91.6
2012-09	91.4
2012-08	93.4
2012-07	92.7
2012-06	93.9
2012-05	95.1
2012-04	97.9
2012-03	98.7
2012-02	97.5
2012-01	97.9
2011-12	98.7
2011-11	100.6
2011-10	100.2
2011-09	103.6
2011-08	105.4
2011-07	109.6
2011-06	111.2
2011-05	111.1
2011-04	109.3
2011-03	109.2
2011-02	110.2
2011-01	103.4
2010-12	105.3
2010-11	104.3
2010-10	103.0
2010-09	100.3
2010-08	98.6
2010-07	98.1
2010-06	97.9
2010-05	96.8
2010-04	95.1
2010-03	93.2
2010-02	90.7
2010-01	90.0
2009-12	88.5
2009-11	86.7
2009-10	84.5
2009-09	82.9
2009-08	83.9
2009-07	79.1
2009-06	75.3
2009-05	74.2
2009-04	74.7
2009-03	74.5
2009-02	79.1
2009-01	81.0
2008-12	83.7
2008-11	88.3
2008-10	95.5
2008-09	99.9
2008-08	101.1
2008-07	105.9
2008-06	104.5
2008-05	108.2
2008-04	112.4
2008-03	112.3
2008-02	113.7
2008-01	113.8
2007-12	114.1
2007-11	113.0
2007-10	111.7
2007-09	113.3
2007-08	112.6
2007-07	111.1
2007-06	112.9
2007-05	113.7
2007-04	111.5
2007-03	111.0
2007-02	111.4
2007-01	109.2
2006-12	111.0
2006-11	110.4
2006-10	109.1
2006-09	108.1
2006-08	109.2
2006-07	109.8
2006-06	110.4
2006-05	108.2
2006-04	107.4
2006-03	105.1
2006-02	104.5
2006-01	104.3
2005-12	103.0
2005-11	103.6
2005-10	103.6
2005-09	103.5
2005-08	103.3
2005-07	102.8
2005-06	102.3
2005-05	102.9
2005-04	102.3
2005-03	104.7
2005-02	102.3
2005-01	102.4

graphiqueFrench employment climate composite indicator

Revisions

The composite indicators of the sectoral business climate of June 2023 in manufacturing industry and in building construction have both been revised downwards by one point (after rounding), whereas the composite indicator of the employment climate for this same month has been revised upwards by one point. Those revisions can be explained by the inclusion of late responses from companies and by the updates of the seasonal coefficients and the parameters of the composite indicators. 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 June and 17 July 2023.

Next issue: 24 August 2023 at 08:45 am.