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Informations Rapides · 22 February 2024 · n° 44
Informations rapidesIn February 2024, the business climate in France has deteriorated slightly Business indicator - February 2024

In February 2024, the business climate in France has deteriorated a bit compared to January. The indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors, has lost one point. At 98, it remains a little below its long-term average (100). This slight degradation is mainly the result of the deterioration of the business situation in services and in retail trade (including trade and repair of vehicles).

Informations rapides
No 44
Paru le :Paru le22/02/2024
Prochaine parution le : 25/04/2024 at 08:45 - April 2024

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

In February 2024, the business climate in France has deteriorated a bit compared to January. The indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors, has lost one point. At 98, it remains a little below its long-term average (100). This slight degradation is mainly the result of the deterioration of the business situation in services and in retail trade (including trade and repair of vehicles).

French business climate composite indicator

French business climate composite indicator
French business climate composite indicator
2024-02 97.8
2024-01 98.6
2023-12 97.9
2023-11 97.3
2023-10 98.2
2023-09 100.3
2023-08 100.0
2023-07 100.1
2023-06 100.4
2023-05 99.7
2023-04 102.3
2023-03 103.2
2023-02 102.9
2023-01 102.1
2022-12 102.3
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
2022-03 107.5
2022-02 113.1
2022-01 108.2
2021-12 109.5
2021-11 113.9
2021-10 113.1
2021-09 111.8
2021-08 110.7
2021-07 112.9
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 84.7
2020-05 59.7
2020-04 47.4
2020-03 94.2
2020-02 105.7
2020-01 106.2
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
2018-11 106.5
2018-10 106.0
2018-09 107.4
2018-08 107.9
2018-07 108.2
2018-06 108.9
2018-05 109.2
2018-04 110.9
2018-03 111.6
2018-02 111.7
2018-01 112.6
2017-12 113.2
2017-11 111.6
2017-10 110.6
2017-09 110.8
2017-08 110.5
2017-07 109.5
2017-06 108.6
2017-05 107.5
2017-04 107.0
2017-03 106.6
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
2015-06 100.7
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 93.0
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
2011-06 107.7
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 74.2
2009-04 71.4
2009-03 69.6
2009-02 73.5
2009-01 75.1
2008-12 76.8
2008-11 79.6
2008-10 83.5
2008-09 92.6
2008-08 94.9
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
2007-12 109.9
2007-11 110.1
2007-10 109.7
2007-09 110.9
2007-08 111.6
2007-07 112.5
2007-06 113.4
2007-05 112.4
2007-04 112.2
2007-03 111.6
2007-02 111.3
2007-01 109.5
2006-12 109.5
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
2006-04 104.6
2006-03 104.1
2006-02 103.7
2006-01 106.0
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 darkened markedly following two months of improvement, mainly weighed down by the balances of opinion on the general business outlook, the past sales and the ordering intentions.

In services, the business climate has also deteriorated, because of the decrease in the balances on the expected activity and the expected demand.

In building construction, the business climate indicator is stable, above its long-term average.

Finally, in manufacturing industry, the business climate has improved a little and is back to its long-term average level, thanks to the good standing of the balances of opinion on the expected production and on the order books, global as well as from abroad.

Business and employment climates

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

The employment climate is a little more favourable, thanks to the employment outlook in services (excluding temporary work)

In February 2024, the employment climate indicator has rebounded. At 101, it has gained two points compared to January and has moved back above its long-term average (100). This improvement is the result of the sharp rebound in the balance of opinion on the expected change in the workforce size in services (excluding temporary work agencies), partially offset though by the fall in this same balance in manufacturing industry and the one related to its recent change in retail trade.

French employment climate composite indicator

French employment climate composite indicator
French employment climate composite indicator
2024-02 101.1
2024-01 98.7
2023-12 100.3
2023-11 99.9
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
2023-03 110.4
2023-02 110.7
2023-01 111.1
2022-12 110.1
2022-11 108.1
2022-10 109.2
2022-09 109.6
2022-08 107.9
2022-07 110.1
2022-06 108.2
2022-05 110.6
2022-04 111.4
2022-03 113.3
2022-02 113.9
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 92.4
2021-03 92.3
2021-02 85.6
2021-01 86.8
2020-12 85.2
2020-11 83.2
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 47.2
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
2017-09 106.8
2017-08 105.1
2017-07 107.3
2017-06 107.5
2017-05 107.2
2017-04 106.5
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 93.9
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 94.0
2014-01 94.7
2013-12 94.5
2013-11 93.1
2013-10 94.3
2013-09 91.8
2013-08 90.6
2013-07 90.1
2013-06 88.9
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
2011-08 105.5
2011-07 109.7
2011-06 111.3
2011-05 111.2
2011-04 109.4
2011-03 109.2
2011-02 110.2
2011-01 103.5
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 95.0
2010-03 93.1
2010-02 90.6
2010-01 89.9
2009-12 88.4
2009-11 86.6
2009-10 84.3
2009-09 82.8
2009-08 83.7
2009-07 78.9
2009-06 75.1
2009-05 73.9
2009-04 74.5
2009-03 74.2
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
2007-12 114.2
2007-11 113.1
2007-10 111.8
2007-09 113.3
2007-08 112.7
2007-07 111.2
2007-06 113.0
2007-05 113.8
2007-04 111.6
2007-03 111.1
2007-02 111.5
2007-01 109.3
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
2005-03 104.8
2005-02 102.3
2005-01 102.3

French employment climate composite indicator

  • Source: INSEE

Revisions

The composite indicators of the business climate in France of January 2024 has been revised upwards by one point. Conversely, the business climate indicator in manufacturing industry for this same month has been revised downwards 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 29 January and 19 February 2024.

Next issue: 21 March 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 29 January and 19 February 2024.

Next issue: 21 March 2024 at 08:45 am.

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