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Informations Rapides · 23 November 2023 · n° 292
Informations rapidesIn November 2023, the business climate in manufacturing industry remains stable, just below its long-term average Monthly business survey (goods-producing industries) - November 2023

According to the business managers surveyed in November 2023, the business climate in manufacturing industry remains stable. At 99, the synthetic indicator is just below its long-term average (100). Several balances of opinion have diminished slightly but the one related to the personal production expectations over the next three months has rebounded very slightly.

Informations rapides
No 292
Paru le :Paru le23/11/2023
Prochaine parution le : 22/05/2025 at 08:45 - May 2025
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According to the business managers surveyed in November 2023, the business climate in manufacturing industry remains stable. At 99, the synthetic indicator is just below its long-term average (100). Several balances of opinion have diminished slightly but the one related to the personal production expectations over the next three months has rebounded very slightly.

Business climate in manufacturing - Composite indicator

Business climate in manufacturing - Composite indicator
Business climate in manufacturing - Composite indicator
2023-11 98.6
2023-10 98.8
2023-09 99.1
2023-08 96.8
2023-07 100.7
2023-06 100.1
2023-05 98.9
2023-04 100.9
2023-03 103.6
2023-02 103.3
2023-01 102.2
2022-12 101.4
2022-11 101.6
2022-10 103.7
2022-09 102.7
2022-08 103.3
2022-07 105.3
2022-06 107.2
2022-05 106.6
2022-04 107.8
2022-03 107.5
2022-02 111.2
2022-01 112.2
2021-12 109.2
2021-11 110.1
2021-10 108.0
2021-09 107.7
2021-08 109.5
2021-07 109.1
2021-06 107.3
2021-05 107.4
2021-04 103.8
2021-03 98.5
2021-02 97.1
2021-01 95.8
2020-12 94.9
2020-11 92.4
2020-10 95.0
2020-09 95.1
2020-08 91.3
2020-07 81.3
2020-06 76.7
2020-05 69.7
2020-04 66.4
2020-03 97.4
2020-02 100.1
2020-01 101.9
2019-12 99.1
2019-11 102.5
2019-10 100.2
2019-09 102.4
2019-08 101.9
2019-07 101.0
2019-06 101.8
2019-05 103.4
2019-04 101.1
2019-03 103.4
2019-02 102.8
2019-01 103.0
2018-12 103.6
2018-11 105.5
2018-10 104.8
2018-09 107.9
2018-08 108.6
2018-07 108.5
2018-06 109.4
2018-05 109.5
2018-04 110.3
2018-03 110.5
2018-02 112.2
2018-01 113.6
2017-12 112.0
2017-11 112.0
2017-10 111.8
2017-09 111.5
2017-08 110.0
2017-07 108.5
2017-06 108.9
2017-05 108.3
2017-04 108.3
2017-03 105.3
2017-02 106.4
2017-01 105.8
2016-12 105.8
2016-11 102.1
2016-10 102.1
2016-09 103.4
2016-08 101.5
2016-07 101.5
2016-06 101.4
2016-05 104.3
2016-04 104.7
2016-03 102.5
2016-02 102.9
2016-01 102.7
2015-12 102.5
2015-11 102.3
2015-10 103.1
2015-09 104.8
2015-08 103.5
2015-07 101.5
2015-06 100.2
2015-05 101.7
2015-04 101.4
2015-03 98.8
2015-02 98.4
2015-01 98.7
2014-12 98.6
2014-11 98.7
2014-10 97.3
2014-09 96.8
2014-08 96.5
2014-07 96.1
2014-06 96.5
2014-05 98.3
2014-04 100.2
2014-03 100.7
2014-02 98.2
2014-01 99.5
2013-12 99.2
2013-11 98.1
2013-10 97.8
2013-09 95.7
2013-08 98.4
2013-07 94.6
2013-06 92.5
2013-05 91.8
2013-04 87.4
2013-03 90.3
2013-02 90.3
2013-01 89.6
2012-12 90.7
2012-11 91.4
2012-10 86.8
2012-09 92.4
2012-08 92.7
2012-07 90.8
2012-06 92.9
2012-05 94.6
2012-04 95.5
2012-03 96.3
2012-02 94.8
2012-01 94.8
2011-12 94.5
2011-11 97.4
2011-10 97.3
2011-09 99.1
2011-08 101.2
2011-07 104.8
2011-06 109.9
2011-05 107.3
2011-04 110.2
2011-03 110.2
2011-02 107.0
2011-01 108.8
2010-12 104.2
2010-11 101.8
2010-10 104.1
2010-09 102.9
2010-08 100.4
2010-07 97.2
2010-06 95.7
2010-05 96.5
2010-04 95.1
2010-03 91.1
2010-02 88.6
2010-01 90.1
2009-12 87.3
2009-11 87.4
2009-10 85.0
2009-09 83.8
2009-08 80.7
2009-07 76.1
2009-06 74.5
2009-05 71.9
2009-04 70.0
2009-03 66.0
2009-02 67.9
2009-01 72.1
2008-12 72.9
2008-11 79.4
2008-10 86.7
2008-09 91.4
2008-08 97.9
2008-07 98.6
2008-06 103.3
2008-05 104.1
2008-04 107.3
2008-03 110.0
2008-02 110.3
2008-01 110.6
2007-12 112.5
2007-11 112.3
2007-10 110.0
2007-09 110.6
2007-08 111.0
2007-07 111.5
2007-06 111.3
2007-05 110.0
2007-04 112.0
2007-03 111.3
2007-02 111.7
2007-01 108.3
2006-12 109.2
2006-11 109.6
2006-10 107.2
2006-09 108.1
2006-08 108.5
2006-07 108.9
2006-06 108.6
2006-05 108.8
2006-04 107.9
2006-03 106.3
2006-02 106.5
2006-01 103.0
2005-12 104.0
2005-11 100.9
2005-10 101.0
2005-09 98.8
2005-08 99.5
2005-07 100.0
2005-06 98.9
2005-05 96.9
2005-04 96.4
2005-03 99.6
2005-02 103.1
2005-01 103.3

Business climate in manufacturing - Composite indicator

  • Source: INSEE

Industrialists’ opinion on manufacturing industry

Balance of opinion, in %, SA
Industrialists’ opinion on manufacturing industry (Balance of opinion, in %, SA)
Manufacturing industry Ave.* Aug-23 Sep-23 Oct-23 Nov-23
Business climate 100 97 99 99 99
Past production 5 -4 -6 -9 -10
Finished-goods inventory 12 18 14 15 12
Overall order books -18 -21 -22 -17 -17
Foreign order books -14 -15 -13 -4 -5
Past workforce size -8 4 5 4 6
Expected workforce size -9 10 10 7 6
Personal production expectations 6 3 17 5 6
General production expectations -7 -9 -6 -10 -11
Expected trend in selling prices 4 2 4 0 -1
Economic uncertainty felt** 30 26 27 28 28
  • * Long-term average since 1976 except for the economic uncertainty felt (April 2021).
  • ** Non-seasonally adjusted balance of opinion
  • Source: INSEE - Monthly business tendency survey in industry

The balance of opinion on the past production has degraded again

In November 2023, the balance of opinion on the evolution of the production over the last three months has degraded again and has reached its lowest level since July 2020. The balance on general production prospects in the industry has also deteriorated slightly. Conversely, the balance of opinion on personal production expectations over the next three months has rebounded very slightly and is back to its long-period average. The economic uncertainty felt by the business leaders is stable.

The balance of opinion associated with the level of the overall order-books is stable while the one relative to the level of the foreign order-books has diminished a bit. Both are above their long-term average.

The balance of opinion associated with the current level of finished-good inventories has retreated, at the level of its historic average.

Business managers are a little more positive than last month on the past change in the workforce size but a little less optimistic on the expected change. Both balances of opinion are well above their long-period average.

The balance of opinion related to the expected trend in selling prices over the next three months has decreased again and remains below its long-term average.

The share of companies declaring being limited in their production by workforce shortage is stable in November but the share of companies declaring sourcing difficulties as a factor limiting their production has rebounded and is back to its level of September (22%). Then, the share of companies declaring supply-side obstacles only has rebounded: at 34%, this share is well higher than its long-period average. Conversely, the share of companies declaring difficulties of demand only has retreated in November: at 22%, it remains well below its long-period average.

Share of companies declaring obstacles limiting their production*

Share of companies, in % of answers, SA
Share of companies declaring obstacles limiting their production* (Share of companies, in % of answers, SA)
Manufacturing industry Ave.** Aug-23 Sep-23 Oct-23 Nov-23
Difficulties of supply and demand 9 15 11 11 9
Sourcing difficulties 11 22 22 19 22
Workforce shortage 9 26 24 22 22
Difficulties of supply only 22 34 36 32 34
Difficulties of demand only 40 21 20 24 22
  • * Quaterly series from January 1991 then monthly series from May 2022
  • ** Long-term average since 1991 on monthly series (over the quarterly collection period, the point collected in the first month of each quarter was carried over identically to the following two months).
  • Sources : INSEE – Monthly business survey in industry

The business climate has darkened a little more in the “other industries” and remains very degraded in the manufacture of food products and beverages

In November 2023, the business climate indicator in the manufacture of food products and beverages remains stable, clearly below its long-period average, at its lowest level since June 2009. The balance of opinion relative to the evolution of the production over the last three months has highly deteriorated and has gone below its long-period average. The balances of opinion associated with the level of the overall and foreign order-books have increased but remain well below their average.

In the manufacture of machinery and equipment goods, the synthetic indicator of the business climate has rebounded, driven by the balances of opinion on the order-books.

In the manufacture of transport equipment, the synthetic indicator of the business climate is stable, well above its average. In particular, the one in the sub-sector of “other transport equipment” remains very high.

Finally, the business climate in the “other industries” has darkened again and has reached its lowest level since September 2020. The climate has deteriorated in most of the sub-sectors (textiles, clothing industries, leather and footwear industry; wood, paper, printing; Chemicals and chemical products; basic metals and fabricated metal products).

Business climates in a sector-based approach

Business climates in a sector-based approach
(C1) (C3) (C4) (C5)
2023-11 84.1 103.3 111.8 93.3
2023-10 84.1 100.6 112.4 94.4
2023-09 87.5 104.2 104.2 95.6
2023-08 87.4 101.3 103.4 95.1
2023-07 91.4 106.2 112.2 94.5
2023-06 85.7 105.3 105.3 94.7
2023-05 92.6 105.9 103.4 95.1
2023-04 93.9 109.6 103.2 97.8
2023-03 99.1 112.1 104.0 98.9
2023-02 102.4 109.9 104.0 96.1
2023-01 100.1 111.2 103.1 96.3
2022-12 99.4 111.7 102.2 95.9
2022-11 103.9 110.6 103.9 95.5
2022-10 107.7 113.3 105.7 96.5
2022-09 106.5 111.0 100.7 98.4
2022-08 106.9 111.8 100.6 99.6
2022-07 106.8 112.4 105.7 101.5
2022-06 106.3 111.9 102.2 105.6
2022-05 107.1 111.4 101.2 104.9
2022-04 109.1 113.0 101.3 108.7
2022-03 111.1 112.3 100.0 107.9
2022-02 111.2 114.7 103.9 111.2
2022-01 111.6 115.8 104.7 110.3
2021-12 116.2 116.1 91.4 112.0
2021-11 115.1 116.0 97.6 113.4
2021-10 112.5 115.4 91.5 111.2
2021-09 109.1 115.6 90.2 112.8
2021-08 110.9 118.6 93.1 113.0
2021-07 113.8 114.8 92.3 114.5
2021-06 115.9 115.1 90.0 110.6
2021-05 116.3 111.6 89.8 110.4
2021-04 105.6 112.7 88.7 107.3
2021-03 101.2 106.4 83.7 104.1
2021-02 94.5 105.2 89.1 101.1
2021-01 91.2 103.4 87.2 100.3
2020-12 89.1 95.4 89.0 101.7
2020-11 92.6 91.2 91.0 94.8
2020-10 93.5 93.2 92.3 95.5
2020-09 102.1 90.4 93.3 92.7
2020-08 96.6 89.6 91.0 88.0
2020-07 88.1 85.1 80.1 81.3
2020-06 90.7 79.3 76.2 78.7
2020-05 91.5 76.7 74.6 73.9
2020-04 92.9 76.9 72.3 72.7
2020-03 108.3 98.3 95.2 97.0
2020-02 107.7 99.0 99.3 100.0
2020-01 107.8 99.9 105.3 99.0
2019-12 107.4 97.2 100.9 97.7
2019-11 104.3 98.1 107.5 100.9
2019-10 105.1 96.0 101.9 99.5
2019-09 108.1 99.6 102.7 101.6
2019-08 108.7 98.7 101.5 101.7
2019-07 102.8 102.8 99.9 100.2
2019-06 108.4 98.8 100.5 100.8
2019-05 111.0 103.8 102.1 102.1
2019-04 106.9 100.8 100.5 100.6
2019-03 107.9 100.4 102.4 101.3
2019-02 107.9 104.3 99.9 101.0
2019-01 107.6 102.4 102.1 101.8
2018-12 107.8 102.4 103.4 102.1
2018-11 108.7 102.0 105.4 102.8
2018-10 102.0 106.2 104.8 103.3
2018-09 107.6 107.4 106.1 105.1
2018-08 107.7 106.8 106.7 105.7
2018-07 107.2 107.8 106.9 106.4
2018-06 109.4 107.5 109.9 105.6
2018-05 108.0 110.7 108.2 107.6
2018-04 109.8 109.0 111.7 107.4
2018-03 109.1 109.2 111.3 109.1
2018-02 109.6 110.0 111.9 109.9
2018-01 110.9 111.3 112.2 110.9
2017-12 111.3 110.9 111.3 110.4
2017-11 111.8 109.6 110.5 111.2
2017-10 111.4 108.9 109.6 110.9
2017-09 106.9 107.5 110.2 108.8
2017-08 108.5 105.7 109.0 108.2
2017-07 109.2 108.6 109.4 106.8
2017-06 111.5 108.1 105.2 108.4
2017-05 105.5 108.1 105.4 106.8
2017-04 104.8 106.3 104.4 107.6
2017-03 103.9 104.0 105.0 104.4
2017-02 104.9 103.3 106.0 106.1
2017-01 103.5 101.5 106.5 105.4
2016-12 108.4 103.1 104.9 104.7
2016-11 107.7 99.4 102.3 101.3
2016-10 106.5 97.3 106.1 101.1
2016-09 108.9 98.4 105.6 100.3
2016-08 99.3 98.2 104.3 101.3
2016-07 104.4 97.5 105.6 101.5
2016-06 103.0 97.1 106.2 101.3
2016-05 103.2 97.2 106.2 103.7
2016-04 105.8 99.9 109.4 101.1
2016-03 101.4 99.1 106.2 101.0
2016-02 100.0 100.7 109.4 99.7
2016-01 101.5 100.6 108.4 99.3
2015-12 99.8 98.0 108.2 101.6
2015-11 102.3 99.6 108.1 99.4
2015-10 104.2 98.1 108.2 99.7
2015-09 105.4 96.0 109.5 102.5
2015-08 103.1 97.3 108.5 101.3
2015-07 108.3 98.3 105.2 102.7
2015-06 104.9 97.1 105.5 100.7
2015-05 101.7 97.2 105.2 101.4
2015-04 104.5 96.6 107.3 100.4
2015-03 100.7 94.2 105.5 100.0
2015-02 99.3 95.0 100.9 100.1
2015-01 103.0 93.3 101.7 99.6
2014-12 99.1 92.0 99.7 100.0
2014-11 96.0 92.1 100.2 99.6
2014-10 95.4 92.5 97.4 98.3
2014-09 94.2 92.1 101.1 97.0
2014-08 95.5 93.4 98.0 100.4
2014-07 97.0 89.2 99.1 98.9
2014-06 95.5 91.7 98.2 98.3
2014-05 98.0 93.7 98.2 99.3
2014-04 95.7 92.7 102.9 100.0
2014-03 99.6 92.8 100.8 102.2
2014-02 99.0 93.8 98.3 98.2
2014-01 99.2 91.1 102.3 98.5
2013-12 98.0 91.9 99.8 99.0
2013-11 98.0 92.2 102.3 98.5
2013-10 95.3 90.2 103.8 97.6
2013-09 94.8 90.0 97.5 97.0
2013-08 95.3 91.5 101.5 96.9
2013-07 92.3 89.6 98.7 94.8
2013-06 92.5 89.2 94.8 93.0
2013-05 91.3 89.4 95.0 91.6
2013-04 91.5 89.6 92.8 89.0
2013-03 93.8 88.9 93.6 91.1
2013-02 97.8 88.8 94.4 90.1
2013-01 97.3 87.9 92.9 91.1
2012-12 98.5 87.6 92.4 91.7
2012-11 97.9 87.3 92.9 92.1
2012-10 90.8 86.2 95.9 89.2
2012-09 96.5 91.0 97.5 93.4
2012-08 93.6 90.3 95.3 93.3
2012-07 94.4 90.9 95.5 92.1
2012-06 94.8 91.0 95.7 93.5
2012-05 93.2 94.8 95.1 95.7
2012-04 98.9 95.7 94.4 97.6
2012-03 102.3 96.4 103.2 97.0
2012-02 100.3 96.1 93.9 95.7
2012-01 99.6 96.1 95.0 93.9
2011-12 98.3 96.0 100.2 94.4
2011-11 101.9 95.9 102.7 94.0
2011-10 104.2 98.2 100.4 96.2
2011-09 101.7 99.4 98.8 97.9
2011-08 103.3 100.3 102.0 100.2
2011-07 111.3 102.3 103.8 104.8
2011-06 108.3 104.0 109.6 108.7
2011-05 109.6 103.0 105.3 107.5
2011-04 108.8 104.5 106.1 109.9
2011-03 106.5 106.3 106.5 109.6
2011-02 107.1 101.8 99.4 108.3
2011-01 108.8 103.8 105.3 105.1

Business climates in a sector-based approach

  • Legend: (C1): Manufacture of food products and beverages - (C3): Machinery and equipment goods - (C4): Manufacture of transport equipment - (C5): Other manufacturing
  • Source: INSEE

Business climates in a sector-based approach

Average = 100 and standard deviation = 10 since 1990
Business climates in a sector-based approach (Average = 100 and standard deviation = 10 since 1990)
NA* : (A17) and [A38 and A64] Weights** (%) Sep-23 Oct-23 Nov-23
(C1) Man. of food products and beverages 20 88 84 84
(C3) Machinery and equipment goods 11 104 101 103
[CI] Computer, electronic and optical products 4 116 112 111
[CJ] Electrical equipment 3 95 95 101
[CK] Machinery and equipment 5 102 97 99
(C4) Man. of transport equipment 19 104 112 112
[CL1] Motor vehicles, trailers and semi-trailers 9 105 103 102
[CL2] Other transport equipment 10 102 117 117
(C5) Other manufacturing 45 96 94 93
[CB] Textiles, clothing industries, leather and footwear industry 2 105 103 96
[CC] Wood, paper, printing 4 88 90 87
[CE] Chemicals and chemical products 8 92 91 89
[CG] Rubber and plastic products 7 89 88 90
[CH] Basic metals and fabricated metal products 11 93 93 92
[CM] Other manufacturing industries / Manufacture of other industrial products 10 110 101 101
  • * NA: aggregated classification, based on the French classification of activities NAF rév.2.
  • ** Weights used to aggregate sub-sectors’ balances of opinion.
  • Source: INSEE - Monthly business tendency survey in industry

Revisions

The business climate in manufacturing industry of October 2023 has been revised upwards by one point (after rounding), due to the integration of late responses from businesses.

For further information

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. 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.

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

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Answers to this survey have been gathered between 26 October and 20 November 2023.

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

Documentation

Changes to business tendency surveys – October 2021 (pdf,181 Ko)

Abbreviated methodology (pdf,157 Ko)

Monthly outlook survey in industry

Aggregated classification - NA, 2008

Pour en savoir plus

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. 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.

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

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Answers to this survey have been gathered between 26 October and 20 November 2023.

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

: bureau-de-presse@insee.fr
:

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