Informations Rapides · 22 February 2024 · n° 44
In 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

N^o 44

Paru le :Paru le22/02/2024

Prochaine parution le : 23/08/2024 at 08:45 - August 2024

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Sommaire

In February 2024, the business climate remains below its long-term average
The employment climate is a little more favourable, thanks to the employment outlook in services (excluding temporary work)
Revisions
For further information

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

Graphique
Tableau

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tableauFrench 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

graphiqueFrench business climate composite indicator

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.

tableauBusiness 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.

Graphique
Tableau

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tableauFrench 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

graphiqueFrench employment climate composite indicator

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.

Documentation

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

Methodology note (in French) (pdf,245 Ko)

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