Informations Rapides · 23 November 2023 · n° 297
In November 2023, the business climate in France and the employment climate have darkened again Business indicator - November 2023

In November 2023, the business climate in France has deteriorated again. The indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors, has lost one point compared to October. At 97, it has moved further away from its long-term average (100). This degradation is mainly the result of the worsening of the business situation in wholesale and retail trade.

Informations rapides

N^o 297

Paru le :Paru le23/11/2023

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

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In November 2023, the business climate has deteriorated for the second month in a row
The employment climate has deteriorated again too
Revisions
For further information

In November 2023, the business climate has deteriorated for the second month in a row

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Tableau

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tableauFrench business climate composite indicator

French business climate composite indicator
	French business climate composite indicator
2023-11	97.2
2023-10	98.2
2023-09	100.3
2023-08	100.0
2023-07	100.0
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	104.1
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	112.8
2021-06	114.5
2021-05	109.8
2021-04	96.2
2021-03	97.9
2021-02	90.8
2021-01	93.6
2020-12	92.4
2020-11	78.1
2020-10	89.9
2020-09	93.9
2020-08	94.2
2020-07	90.8
2020-06	84.8
2020-05	59.8
2020-04	47.6
2020-03	94.2
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	106.6
2019-04	106.6
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	108.2
2018-06	108.9
2018-05	109.2
2018-04	110.8
2018-03	111.6
2018-02	111.6
2018-01	112.6
2017-12	113.1
2017-11	111.6
2017-10	110.5
2017-09	110.7
2017-08	110.5
2017-07	109.5
2017-06	108.6
2017-05	107.5
2017-04	107.0
2017-03	106.5
2017-02	106.8
2017-01	106.1
2016-12	105.9
2016-11	103.5
2016-10	103.7
2016-09	103.4
2016-08	103.4
2016-07	103.8
2016-06	102.9
2016-05	104.2
2016-04	102.3
2016-03	102.9
2016-02	102.9
2016-01	103.9
2015-12	101.5
2015-11	102.8
2015-10	102.9
2015-09	102.0
2015-08	102.7
2015-07	101.1
2015-06	100.6
2015-05	99.4
2015-04	98.3
2015-03	97.0
2015-02	95.8
2015-01	94.8
2014-12	94.0
2014-11	93.9
2014-10	92.0
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	95.5
2013-08	91.9
2013-07	88.6
2013-06	86.9
2013-05	85.7
2013-04	84.6
2013-03	86.0
2013-02	88.1
2013-01	88.0
2012-12	88.5
2012-11	87.8
2012-10	86.6
2012-09	88.3
2012-08	89.7
2012-07	90.8
2012-06	91.8
2012-05	93.0
2012-04	97.2
2012-03	95.6
2012-02	93.1
2012-01	93.2
2011-12	94.7
2011-11	95.6
2011-10	97.6
2011-09	98.7
2011-08	101.4
2011-07	106.3
2011-06	107.6
2011-05	107.9
2011-04	108.6
2011-03	109.4
2011-02	108.8
2011-01	107.6
2010-12	106.7
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	90.3
2009-11	90.1
2009-10	88.5
2009-09	85.7
2009-08	82.9
2009-07	79.7
2009-06	77.7
2009-05	74.3
2009-04	71.5
2009-03	69.6
2009-02	73.6
2009-01	75.2
2008-12	76.9
2008-11	79.7
2008-10	83.5
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	108.0
2008-02	108.0
2008-01	109.3
2007-12	109.8
2007-11	110.1
2007-10	109.6
2007-09	110.9
2007-08	111.5
2007-07	112.5
2007-06	113.3
2007-05	112.3
2007-04	112.2
2007-03	111.6
2007-02	111.2
2007-01	109.5
2006-12	109.4
2006-11	110.9
2006-10	109.3
2006-09	109.1
2006-08	108.6
2006-07	108.0
2006-06	106.1
2006-05	106.4
2006-04	104.5
2006-03	104.1
2006-02	103.7
2006-01	105.9
2005-12	104.5
2005-11	102.9
2005-10	103.5
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	104.1
2005-01	103.7

graphiqueFrench business climate composite indicator

In manufacturing industry as well as in services, the business climate is stable in November: it stands at its long-term level in services, and just a little below it in manufacturing industry. In building construction, by contrast, the business climate indicator has retreated, mainly because of the degradation in the balance of opinion on the expected change in the workforce size.

In retail trade (including trade and repair of vehicles), the business climate has deteriorated again compared to October, penalised by the retreat in the balance of opinion on the ordering intentions. Finally, in wholesale trade, the bimonthly indicator of the business climate has edged down sharply compared to September, following the retreat in the balances of opinion related to the past sales and the ordering intentions.

tableauBusiness and employment climates

Business and employment climates
	Jul. 23	Aug. 23	Sept. 23	Oct. 23	Nov. 23
Business climates
France	100	100	100	98	97
Manufacturing industry	101	97	99	99	99
Building construction	105	106	105	103	102
Services	102	102	101	100	100
Retail trade*	106	105	103	98	96
Wholesale trade	92		94		90

Employment	106	102	105	103	101

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

The employment climate has deteriorated again too

In November 2023, the employment climate has retreated, for the second month in a row. At 101, it has lost two points and stands just above its long-term average (100). This retreat results mostly from the decline in the balance of opinion on the expected change in the workforce size in services (excluding temporary work agencies).

Graphique
Tableau

Affichage de l’onglet contenant le tableau ou de l’onglet contenant le graphique

tableauFrench employment climate composite indicator

French employment climate composite indicator
	French employment climate composite indicator
2023-11	100.6
2023-10	102.7
2023-09	105.3
2023-08	101.8
2023-07	105.7
2023-06	106.2
2023-05	106.8
2023-04	110.1
2023-03	110.2
2023-02	110.4
2023-01	110.8
2022-12	110.0
2022-11	108.2
2022-10	109.2
2022-09	109.7
2022-08	107.9
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	112.7
2021-10	110.6
2021-09	107.2
2021-08	108.5
2021-07	108.2
2021-06	106.4
2021-05	101.3
2021-04	92.5
2021-03	92.3
2021-02	85.6
2021-01	86.8
2020-12	85.2
2020-11	83.3
2020-10	89.2
2020-09	93.4
2020-08	89.0
2020-07	78.7
2020-06	69.7
2020-05	53.8
2020-04	47.3
2020-03	97.9
2020-02	105.9
2020-01	105.1
2019-12	106.5
2019-11	107.1
2019-10	106.1
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	107.3
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	109.5
2018-01	108.9
2017-12	108.3
2017-11	107.2
2017-10	108.0
2017-09	106.7
2017-08	105.1
2017-07	107.3
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	101.1
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	101.4
2015-10	99.7
2015-09	99.7
2015-08	100.1
2015-07	99.2
2015-06	98.8
2015-05	96.9
2015-04	96.9
2015-03	95.0
2015-02	95.4
2015-01	93.4
2014-12	94.2
2014-11	94.0
2014-10	94.0
2014-09	94.1
2014-08	93.9
2014-07	95.2
2014-06	94.9
2014-05	96.5
2014-04	97.2
2014-03	95.2
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	90.7
2013-07	90.1
2013-06	89.0
2013-05	86.0
2013-04	87.0
2013-03	88.5
2013-02	89.1
2013-01	92.1
2012-12	89.6
2012-11	89.9
2012-10	91.5
2012-09	91.3
2012-08	93.3
2012-07	92.7
2012-06	93.8
2012-05	95.1
2012-04	97.8
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	109.7
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	93.1
2010-02	90.6
2010-01	89.9
2009-12	88.5
2009-11	86.6
2009-10	84.4
2009-09	82.8
2009-08	83.8
2009-07	79.0
2009-06	75.2
2009-05	74.0
2009-04	74.6
2009-03	74.3
2009-02	79.0
2009-01	80.9
2008-12	83.6
2008-11	88.2
2008-10	95.4
2008-09	99.9
2008-08	101.1
2008-07	105.9
2008-06	104.5
2008-05	108.2
2008-04	112.5
2008-03	112.3
2008-02	113.8
2008-01	113.8
2007-12	114.1
2007-11	113.1
2007-10	111.7
2007-09	113.3
2007-08	112.7
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	111.1
2006-11	110.4
2006-10	109.1
2006-09	108.2
2006-08	109.3
2006-07	109.9
2006-06	110.4
2006-05	108.2
2006-04	107.5
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	102.3

graphiqueFrench employment climate composite indicator

Revisions

The composite indicator of the employment climate of October 2023 has been revised downwards by one point, while the business climate in manufacturing for this same month has been revised upwards by one point. Those revisions 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 surveys in manufacturing industry, building construction, retail trade and trade and repair of vehicles and services are part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

The responses to these surveys were collected between 26 October and 20 November 2023.

Next issue: 21 December 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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