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Informations Rapides · 25 January 2024 · n° 18
Informations rapidesIn January 2024, the business climate in France is stable and the employment climate has slightly darkened Business indicator - January 2024

In January 2024, the business climate in France is stable compared to December 2023. At 98, the indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors, remains a little below its long-term average (100). This stability is the result of mixed movements: the business situation has improved in building construction, in services and in retail trade, but it has deteriorated in wholesale trade.

Informations rapides
No 18
Paru le :Paru le25/01/2024
Prochaine parution le : 21/03/2024 at 08:45 - March 2024

In January 2024, the business climate remains below its long-term average

In January 2024, the business climate in France is stable compared to December 2023. At 98, the indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors, remains a little below its long-term average (100). This stability is the result of mixed movements: the business situation has improved in building construction, in services and in retail trade, but it has deteriorated in wholesale trade.

French business climate composite indicator

French business climate composite indicator
French business climate composite indicator
2024-01 98.4
2023-12 97.9
2023-11 97.3
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
2022-06 104.8
2022-05 105.9
2022-04 106.4
2022-03 107.4
2022-02 113.1
2022-01 108.2
2021-12 109.5
2021-11 113.9
2021-10 113.1
2021-09 111.8
2021-08 110.6
2021-07 112.8
2021-06 114.6
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 78.0
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 47.4
2020-03 94.2
2020-02 105.7
2020-01 106.1
2019-12 106.0
2019-11 106.2
2019-10 106.1
2019-09 106.8
2019-08 105.9
2019-07 105.7
2019-06 106.5
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
2018-04 110.9
2018-03 111.6
2018-02 111.6
2018-01 112.6
2017-12 113.1
2017-11 111.6
2017-10 110.6
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
2016-11 103.6
2016-10 103.7
2016-09 103.5
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 92.0
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 94.2
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
2011-05 108.0
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
2010-08 100.4
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 88.4
2009-09 85.6
2009-08 82.8
2009-07 79.7
2009-06 77.7
2009-05 74.3
2009-04 71.4
2009-03 69.6
2009-02 73.5
2009-01 75.1
2008-12 76.8
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
2008-02 108.1
2008-01 109.3
2007-12 109.8
2007-11 110.1
2007-10 109.6
2007-09 110.9
2007-08 111.6
2007-07 112.5
2007-06 113.3
2007-05 112.3
2007-04 112.2
2007-03 111.6
2007-02 111.3
2007-01 109.5
2006-12 109.4
2006-11 110.9
2006-10 109.3
2006-09 109.2
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
2005-07 101.5
2005-06 101.7
2005-05 100.8
2005-04 103.3
2005-03 104.2
2005-02 104.1
2005-01 103.7

French business climate composite indicator

  • Source: INSEE

In retail trade (including trade and repair of vehicles), the business climate has improved markedly again, held up by the balances of opinion on the ordering intentions and the past sales.

In building construction, the business climate indicator has rebounded, following the increase in the balance of opinion on the expected activity.

In services, the business climate has also improved a bit, thanks to the balances of opinion on the recent activity and the expected demand.

In manufacturing industry, the business climate remains stable (after rounding), just below its long-term average.

Finally, in wholesale trade, the bimonthly indicator of the business climate has receded compared to November, because of the decrease in the balance of opinion on the deliveries received from abroad.

Business and employment climates

Business and employment climates
Sept. 23 Oct. 23 Nov. 23 Dec. 23 Jan. 24
Business climates
France 100 98 97 98 98
Manufacturing industry 99 99 99 99 99
Building construction 105 103 102 101 103
Services 101 100 99 100 101
Retail trade* 103 98 96 100 104
Wholesale trade 94 91 90
Employment 105 103 100 100 99
  • * including trade and repair of vehicles
  • Source : INSEE, business tendency surveys

The employment climate has moved below its long-term average for the first time since April 2021

In January 2024, the employment climate indicator has weakened. At 99, it has lost one point compared to December and stands just below its long-term average (100), for the first time since April 2021. This deterioration is the result of the decrease in the balance of opinion on the expected change in the workforce size in services (excluding temporary work agencies).

French employment climate composite indicator

French employment climate composite indicator
French employment climate composite indicator
2024-01 99.1
2023-12 100.3
2023-11 100.0
2023-10 102.7
2023-09 105.3
2023-08 101.7
2023-07 105.7
2023-06 106.2
2023-05 106.8
2023-04 110.0
2023-03 110.3
2023-02 110.3
2023-01 111.2
2022-12 110.1
2022-11 108.1
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
2022-01 110.0
2021-12 108.8
2021-11 112.6
2021-10 110.7
2021-09 107.2
2021-08 108.5
2021-07 108.1
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 93.3
2020-08 88.8
2020-07 78.6
2020-06 69.6
2020-05 53.7
2020-04 47.3
2020-03 97.9
2020-02 105.9
2020-01 105.2
2019-12 106.5
2019-11 107.1
2019-10 106.2
2019-09 107.5
2019-08 106.6
2019-07 106.8
2019-06 107.4
2019-05 105.8
2019-04 107.6
2019-03 108.3
2019-02 107.3
2019-01 105.7
2018-12 104.5
2018-11 104.9
2018-10 106.9
2018-09 107.6
2018-08 107.5
2018-07 108.3
2018-06 109.8
2018-05 109.6
2018-04 109.1
2018-03 110.0
2018-02 109.5
2018-01 109.0
2017-12 108.3
2017-11 107.2
2017-10 108.1
2017-09 106.7
2017-08 105.1
2017-07 107.3
2017-06 107.5
2017-05 107.2
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 95.3
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 95.1
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 93.1
2013-10 94.3
2013-09 91.8
2013-08 90.7
2013-07 90.1
2013-06 89.0
2013-05 85.9
2013-04 87.0
2013-03 88.4
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
2011-06 111.3
2011-05 111.2
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 88.4
2009-11 86.6
2009-10 84.4
2009-09 82.8
2009-08 83.8
2009-07 78.9
2009-06 75.1
2009-05 74.0
2009-04 74.6
2009-03 74.3
2009-02 78.9
2009-01 80.8
2008-12 83.5
2008-11 88.2
2008-10 95.4
2008-09 99.9
2008-08 101.1
2008-07 105.9
2008-06 104.6
2008-05 108.3
2008-04 112.5
2008-03 112.4
2008-02 113.8
2008-01 113.9
2007-12 114.1
2007-11 113.1
2007-10 111.8
2007-09 113.3
2007-08 112.7
2007-07 111.1
2007-06 113.0
2007-05 113.7
2007-04 111.6
2007-03 111.1
2007-02 111.5
2007-01 109.2
2006-12 111.1
2006-11 110.5
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

French employment climate composite indicator

  • Source: INSEE

Revisions

The composite indicators of the business climate in manufacturing industry and in building construction of December 2023 have both been revised downwards by one point. Conversely, the business climate indicator in wholesale trade of November 2023 has been revised upwards by one point. These 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 28 December 2023 and 22 January 2024.

Next issue: 22 February 2024 at 08:45 am.

Pour en savoir plus

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 28 December 2023 and 22 January 2024.

Next issue: 22 February 2024 at 08:45 am.

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