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Informations Rapides · 23 November 2023 · n° 296
Informations rapidesIn November 2023, the business climate in services is stable, at its long-term average Monthly survey of services - November 2023

According to the business managers surveyed in November 2023, the business climate is stable in services. At 100, the indicator that synthesizes it remains at its long-term average.

Informations rapides
No 296
Paru le :Paru le23/11/2023
Prochaine parution le : 22/05/2025 at 08:45 - May 2025

According to the business managers surveyed in November 2023, the business climate is stable in services. At 100, the indicator that synthesizes it remains at its long-term average.

Business climate composite indicator

Business climate composite indicator
Business climate composite indicator
2023-11 99.6
2023-10 99.9
2023-09 101.5
2023-08 101.6
2023-07 101.6
2023-06 101.9
2023-05 101.3
2023-04 103.0
2023-03 104.7
2023-02 105.2
2023-01 104.4
2022-12 103.5
2022-11 103.4
2022-10 104.4
2022-09 105.5
2022-08 106.5
2022-07 106.1
2022-06 107.5
2022-05 108.7
2022-04 108.2
2022-03 108.7
2022-02 111.6
2022-01 105.1
2021-12 107.1
2021-11 113.4
2021-10 112.4
2021-09 110.1
2021-08 108.6
2021-07 110.8
2021-06 112.3
2021-05 106.5
2021-04 91.5
2021-03 93.9
2021-02 87.7
2021-01 91.1
2020-12 89.4
2020-11 76.0
2020-10 87.4
2020-09 93.8
2020-08 93.5
2020-07 88.6
2020-06 77.8
2020-05 50.1
2020-04 39.3
2020-03 92.4
2020-02 105.7
2020-01 106.0
2019-12 106.3
2019-11 105.8
2019-10 105.1
2019-09 105.6
2019-08 105.1
2019-07 104.7
2019-06 105.6
2019-05 105.4
2019-04 105.5
2019-03 104.7
2019-02 103.6
2019-01 103.5
2018-12 101.8
2018-11 103.4
2018-10 102.9
2018-09 104.4
2018-08 104.0
2018-07 104.3
2018-06 104.3
2018-05 104.2
2018-04 105.9
2018-03 106.8
2018-02 106.7
2018-01 107.5
2017-12 108.6
2017-11 107.1
2017-10 106.4
2017-09 106.4
2017-08 106.3
2017-07 103.8
2017-06 103.2
2017-05 102.8
2017-04 103.2
2017-03 103.2
2017-02 102.9
2017-01 101.6
2016-12 103.5
2016-11 100.8
2016-10 100.7
2016-09 100.7
2016-08 100.1
2016-07 100.3
2016-06 99.1
2016-05 100.7
2016-04 98.3
2016-03 99.5
2016-02 99.8
2016-01 100.1
2015-12 97.1
2015-11 99.2
2015-10 99.4
2015-09 97.6
2015-08 98.5
2015-07 97.4
2015-06 96.8
2015-05 95.4
2015-04 94.0
2015-03 92.4
2015-02 91.5
2015-01 91.2
2014-12 91.4
2014-11 91.3
2014-10 91.2
2014-09 91.1
2014-08 91.6
2014-07 92.5
2014-06 92.3
2014-05 92.3
2014-04 93.3
2014-03 93.1
2014-02 92.2
2014-01 92.3
2013-12 90.9
2013-11 92.4
2013-10 91.8
2013-09 92.4
2013-08 88.7
2013-07 86.7
2013-06 86.1
2013-05 84.8
2013-04 83.4
2013-03 84.3
2013-02 87.2
2013-01 88.3
2012-12 87.3
2012-11 85.7
2012-10 86.2
2012-09 87.3
2012-08 87.6
2012-07 89.7
2012-06 90.2
2012-05 92.1
2012-04 95.7
2012-03 93.4
2012-02 92.0
2012-01 92.6
2011-12 94.6
2011-11 95.1
2011-10 97.3
2011-09 98.3
2011-08 100.5
2011-07 105.0
2011-06 107.0
2011-05 107.4
2011-04 108.8
2011-03 110.2
2011-02 109.0
2011-01 107.0
2010-12 106.7
2010-11 104.7
2010-10 102.8
2010-09 101.6
2010-08 100.6
2010-07 99.1
2010-06 98.3
2010-05 99.3
2010-04 97.7
2010-03 94.4
2010-02 94.3
2010-01 94.0
2009-12 92.7
2009-11 92.2
2009-10 90.7
2009-09 87.6
2009-08 84.3
2009-07 81.8
2009-06 78.1
2009-05 73.5
2009-04 69.3
2009-03 68.9
2009-02 74.0
2009-01 75.2
2008-12 77.8
2008-11 80.7
2008-10 84.6
2008-09 93.2
2008-08 95.1
2008-07 96.6
2008-06 101.0
2008-05 104.2
2008-04 106.6
2008-03 108.4
2008-02 108.4
2008-01 110.2
2007-12 108.9
2007-11 110.0
2007-10 109.9
2007-09 111.3
2007-08 112.1
2007-07 112.9
2007-06 112.4
2007-05 112.7
2007-04 112.8
2007-03 113.1
2007-02 112.2
2007-01 110.7
2006-12 111.1
2006-11 112.9
2006-10 110.6
2006-09 110.5
2006-08 110.3
2006-07 110.2
2006-06 109.0
2006-05 110.3
2006-04 107.6
2006-03 107.4
2006-02 106.1
2006-01 108.8
2005-12 106.9
2005-11 106.4
2005-10 108.3
2005-09 106.7
2005-08 107.1
2005-07 107.4
2005-06 108.1
2005-05 106.0
2005-04 107.9
2005-03 108.1
2005-02 106.2
2005-01 106.4

Business climate composite indicator

  • Source: INSEE

The opinion of the business managers about the activity and the demand has barely shifted in November

In November 2023, the balance of opinion of the business managers in services about the general business outlook for the sector has held up a little below its long-term average. The one on the expected activity has diminished very slightly and has moved just below its own. The balance related to the expected demand is virtually stable, at its average. At the same time, the one on the economic uncertainty felt has retreated.

The balance of opinion on the activity over the past three months is virtually stable, below its average.

The balance on the recent change in selling prices has risen a bit, whereas the one on their expected change has decreased a little. Both remain above their long-term average.

Expected prices in services

Expected prices in services
Expected prices
2023-11 4.4
2023-10 5.4
2023-09 8.6
2023-08 7.2
2023-07 6.2
2023-06 6.7
2023-05 7.3
2023-04 11.9
2023-03 14.5
2023-02 16.1
2023-01 18.6
2022-12 15.8
2022-11 13.2
2022-10 12.2
2022-09 11.2
2022-08 10.7
2022-07 10.8
2022-06 11.4
2022-05 10.3
2022-04 10.3
2022-03 8.0
2022-02 8.2
2022-01 7.1
2021-12 5.2
2021-11 7.0
2021-10 4.5
2021-09 3.9
2021-08 4.3
2021-07 3.7
2021-06 1.0
2021-05 -0.6
2021-04 -9.7
2021-03 -7.4
2021-02 -11.5
2021-01 -10.1
2020-12 -8.2
2020-11 -12.5
2020-10 -8.9
2020-09 -3.0
2020-08 -5.3
2020-07 -8.7
2020-06 -12.3
2020-05 -22.4
2020-04 -23.9
2020-03 -3.3
2020-02 0.4
2020-01 0.0
2019-12 0.2
2019-11 -0.1
2019-10 1.7
2019-09 -0.6
2019-08 -1.1
2019-07 0.0
2019-06 0.2
2019-05 -1.6
2019-04 -3.0
2019-03 -1.0
2019-02 -2.6
2019-01 -2.3
2018-12 0.1
2018-11 -2.5
2018-10 -2.8
2018-09 -1.5
2018-08 -0.6
2018-07 -6.8
2018-06 -4.9
2018-05 -1.8
2018-04 -3.2
2018-03 -3.4
2018-02 -3.7
2018-01 -2.4
2017-12 -3.4
2017-11 -2.7
2017-10 -2.4
2017-09 -1.7
2017-08 -5.6
2017-07 -7.0
2017-06 -4.5
2017-05 -4.8
2017-04 -5.4
2017-03 -3.7
2017-02 -3.7
2017-01 -6.3
2016-12 -5.5
2016-11 -7.7
2016-10 -6.8
2016-09 -4.8
2016-08 -5.2
2016-07 -4.7
2016-06 -6.8
2016-05 -6.2
2016-04 -4.9
2016-03 -5.1
2016-02 -4.6
2016-01 -8.5
2015-12 -8.9
2015-11 -5.8
2015-10 -5.9
2015-09 -7.5
2015-08 -6.4
2015-07 -6.9
2015-06 -6.1
2015-05 -6.2
2015-04 -7.8
2015-03 -9.8
2015-02 -9.7
2015-01 -11.4
2014-12 -11.0
2014-11 -10.3
2014-10 -9.5
2014-09 -10.6
2014-08 -9.0
2014-07 -9.2
2014-06 -9.3
2014-05 -9.9
2014-04 -9.6
2014-03 -10.8
2014-02 -11.0
2014-01 -8.4
2013-12 -9.4
2013-11 -8.5
2013-10 -10.1
2013-09 -10.4
2013-08 -10.7
2013-07 -12.3
2013-06 -12.0
2013-05 -12.3
2013-04 -12.3
2013-03 -12.0
2013-02 -11.9
2013-01 -9.8
2012-12 -9.2
2012-11 -9.6
2012-10 -11.0
2012-09 -7.6
2012-08 -7.8
2012-07 -4.3
2012-06 -6.0
2012-05 -5.6
2012-04 -4.2
2012-03 -0.7
2012-02 -3.4
2012-01 0.5
2011-12 -2.3
2011-11 -4.3
2011-10 -3.0
2011-09 -1.6
2011-08 -1.5
2011-07 -0.3
2011-06 0.5
2011-05 5.1
2011-04 2.4
2011-03 3.5
2011-02 3.3
2011-01 -0.1
2010-12 0.0
2010-11 -1.1
2010-10 -0.9
2010-09 -3.1
2010-08 -3.8
2010-07 -7.7
2010-06 -5.4
2010-05 -5.7
2010-04 -7.8
2010-03 -7.5
2010-02 -9.0
2010-01 -8.5
2009-12 -10.1
2009-11 -10.1
2009-10 -9.4
2009-09 -12.4
2009-08 -14.4
2009-07 -18.5
2009-06 -15.4
2009-05 -17.8
2009-04 -17.7
2009-03 -17.1
2009-02 -13.1
2009-01 -13.1
2008-12 -13.8
2008-11 -9.6
2008-10 -2.7
2008-09 0.3
2008-08 1.5
2008-07 3.4
2008-06 3.2
2008-05 3.4
2008-04 3.9
2008-03 2.6
2008-02 2.1
2008-01 2.2
2007-12 3.0
2007-11 2.7
2007-10 1.3
2007-09 2.3
2007-08 3.2
2007-07 3.4
2007-06 2.1
2007-05 2.9
2007-04 2.2
2007-03 1.5
2007-02 1.1
2007-01 1.8

Expected prices in services

  • Source: INSEE

In November 2023, the balance of opinion on the change in the workforce size over the last three months has rebounded but remains below its average. Conversely, the one on the expected workforce size over the next three months has fallen back sharply and has moved below its own.

Economic outlook in the services sector

Balances of opinion, in %, seasonally adjusted
Economic outlook in the services sector (Balances of opinion, in %, seasonally adjusted)
Average* Aug. 2023 Sept. 2023 Oct. 2023 Nov. 2023
Composite indicator 100 102 101 100 100
General outlook -7 -5 -5 -9 -9
Past activity 2 -1 -1 -1 0
Expected activity 2 2 3 2 1
Expected demand 0 4 1 -1 0
Past selling prices -3 8 8 5 6
Expected selling prices -2 7 9 5 4
Past employment 2 -2 -2 -4 -2
Past employment except temporary work agencies 0 -2 -1 -3 -1
Expected employment 2 0 4 6 0
Expected employment except temporary work agencies 0 -2 3 2 -2
Economic uncertainty felt** 12 12 11 14 12
  • * Average since 1989 for the composite indicator and since 1988 for the balances of opinion, except general outlook (June 2000) and uncertainty (April 2021)
  • ** Balance of opinion not seasonally adjusted
  • Source: INSEE, monthly business survey in services.

The business climate has deteriorated sharply in road freight transport

In November 2023, the business climate in road freight transport has deteriorated markedly. It has moved away from its long-term average and has reached its lowest level since May 2020. In particular, the balance of opinion on the general business outlook and those on the past and expected activity have declined sharply again.

In professional, scientific and technical activities, the business climate indicator has decreased again and has moved away from its average. The balances of opinion on the past and expected activity and the one on the expected demand have contributed to this decline.

In accommodation and food service activities, the business climate indicator has diminished slightly. The balances of opinion on the general business outlook, on the past and expected activity and on the expected workforce size have decreased. Conversely, the one on the past workforce size has sharply rebounded and has moved above its long-term average.

In administrative and support service activities, the business climate is stable at the level of its average. The balance of the expected demand has rebounded and has moved just above its average. Conversely, the one on the past activity and those on the workforce size, past and expected, have diminished.

In real estate activities, the business climate has improved slightly but remains well below its long-term average. The balances of opinion on the general business outlook, on the past and expected activity have contributed to this increase, although all three remain well below their average.

Finally, in information and communication, the business climate has improved slightly again and has moved away from its average. The balances of opinion on the expected demand and on the past and expected activity have risen again and stand well above their average.

Business climate composite indicator and balances of opinion by sub-sector in services

Balances of opinion, in %, seasonally adjusted
Business climate composite indicator and balances of opinion by sub-sector in services (Balances of opinion, in %, seasonally adjusted)
Aggregated classification (NA 2008) at level A21 Average* Aug. 2023 Sept. 2023 Oct. 2023 Nov. 2023
Road freight transport (8%)
Composite indicator 100 93 96 92 87
General outlook -18 -28 -27 -31 -39
Past activity -6 -30 -21 -28 -36
Expected activity -7 -18 -13 -15 -33
Expected demand -9 -26 -15 -31 -32
Past employment -5 -3 -9 -9 -9
Expected employment -6 -4 -5 -11 -11
Accommodation and food service activities (8%)
Composite indicator 100 103 101 99 98
General outlook -13 -4 -10 -17 -18
Past activity -7 -14 -10 -14 -22
Expected activity -7 -19 0 -9 -12
Expected demand -9 3 -15 -11 -9
Past employment -5 0 3 -6 5
Expected employment -6 -7 -5 -1 -4
Information and communication (29%)
Composite indicator 100 104 102 104 105
General outlook 0 7 2 1 3
Past activity 8 13 11 19 27
Expected activity 9 18 9 19 23
Expected demand 9 26 11 15 19
Past employment 6 6 11 7 3
Expected employment 10 2 7 11 4
Real estate activities (10%)
Composite indicator 100 86 87 85 87
General outlook -4 -16 -13 -16 -13
Past activity 6 -4 -4 -9 -6
Expected activity 6 -6 -8 -9 -4
Expected demand 1 -7 -7 -6 -8
Past employment 3 -9 -8 -3 -2
Expected employment 3 -5 2 1 -6
Professional, scientific and technical activities (25%)
Composite indicator 100 102 101 98 95
General outlook -8 -4 -4 -9 -10
Past activity -1 -1 -2 -4 -11
Expected activity -2 -3 -5 -7 -11
Expected demand -5 -7 -7 -8 -14
Past employment 1 4 1 0 -4
Expected employment 1 4 6 1 -1
Administrative and support service activities (18%)
Composite indicator 100 103 105 100 100
General outlook -3 2 3 -3 -1
Past activity 5 7 7 1 -2
Expected activity 5 6 12 4 3
Expected demand 3 7 9 1 4
Past employment 7 -2 0 -5 -8
Expected employment 7 -3 9 9 6
  • The figures in parentheses indicate the weights used to aggregate the sub-sector balances of opinion. The “other services” sub-sector is not displayed due to its low weight.
  • *Composite indicator: average since 1989 (2006 for road transport); balances of opinion: average since 1988, except general outlook since June 2000 (2006 for road transport)
  • Source: INSEE, monthly business survey in services.

Revision

The business climate indicator in services of October 2023 has not been revised (after rounding).

For further information

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.

For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted percentage of “decrease” responses.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

The responses to this survey were collected between 26 October and 20 November 2023.

Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.

Next issue: 21 December 2023 at 8:45 am.

Pour en savoir plus

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole services cannot be deduced from the others. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10. The climate series do not have the same historical beginning, so their standardisation differs slightly. Discrepancies may therefore appear from time to time.

For the three-modality questions, a balance of opinion is calculated as the difference between the weighted percentage of “increase” responses and the weighted percentage of “decrease” responses.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

The responses to this survey were collected between 26 October and 20 November 2023.

Additional information (simplified and detailed methodology, nomenclature, etc.) is available on the “Documentation” tab of the web page of this publication.

Next issue: 21 December 2023 at 8:45 am.

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