Insee
Informations Rapides · 24 May 2024 · n° 129
Informations rapidesIn May 2024, the business climate in France and the employment climate are stable Business indicator - May 2024

In May 2024, the business climate in France is stable compared to April. At 99, the indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors, remains just below its long-term average (100). The improvement of the business situation in services offsets the degradation in retail trade and, to a lesser extent, in manufacturing industry and wholesale trade.

Informations rapides
No 129
Paru le :Paru le24/05/2024
Prochaine parution le : 25/07/2024 at 08:45 - July 2024

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

In May 2024, the business climate in France is stable compared to April. At 99, the indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors, remains just below its long-term average (100). The improvement of the business situation in services offsets the degradation in retail trade and, to a lesser extent, in manufacturing industry and wholesale trade.

French business climate composite indicator

French business climate composite indicator
French business climate composite indicator
2024-05 98.5
2024-04 98.8
2024-03 100.1
2024-02 98.2
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
2022-09 102.7
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
2021-12 109.6
2021-11 113.9
2021-10 113.1
2021-09 111.8
2021-08 110.7
2021-07 112.9
2021-06 114.7
2021-05 109.9
2021-04 96.1
2021-03 97.9
2021-02 90.7
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 59.6
2020-04 47.2
2020-03 94.2
2020-02 105.8
2020-01 106.2
2019-12 106.1
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
2019-03 106.1
2019-02 104.5
2019-01 104.1
2018-12 103.6
2018-11 106.5
2018-10 106.1
2018-09 107.4
2018-08 107.9
2018-07 108.2
2018-06 108.9
2018-05 109.2
2018-04 110.9
2018-03 111.7
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
2017-05 107.6
2017-04 107.0
2017-03 106.6
2017-02 106.9
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
2016-05 104.3
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 95.0
2014-05 95.7
2014-04 96.2
2014-03 96.3
2014-02 95.1
2014-01 95.5
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 85.6
2013-04 84.6
2013-03 86.0
2013-02 88.0
2013-01 88.0
2012-12 88.4
2012-11 87.7
2012-10 86.5
2012-09 88.2
2012-08 89.7
2012-07 90.8
2012-06 91.8
2012-05 93.0
2012-04 97.2
2012-03 95.5
2012-02 93.1
2012-01 93.2
2011-12 94.6
2011-11 95.6
2011-10 97.6
2011-09 98.7
2011-08 101.5
2011-07 106.3
2011-06 107.7
2011-05 108.0
2011-04 108.7
2011-03 109.5
2011-02 108.9
2011-01 107.7
2010-12 106.7
2010-11 105.1
2010-10 104.3
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 79.6
2009-06 77.6
2009-05 74.2
2009-04 71.3
2009-03 69.5
2009-02 73.4
2009-01 75.0
2008-12 76.7
2008-11 79.6
2008-10 83.4
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
2007-11 110.2
2007-10 109.7
2007-09 111.0
2007-08 111.6
2007-07 112.6
2007-06 113.4
2007-05 112.4
2007-04 112.2
2007-03 111.7
2007-02 111.3
2007-01 109.6
2006-12 109.5
2006-11 111.0
2006-10 109.3
2006-09 109.2
2006-08 108.6
2006-07 108.1
2006-06 106.1
2006-05 106.5
2006-04 104.6
2006-03 104.1
2006-02 103.7
2006-01 106.0
2005-12 104.6
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
2005-01 103.8

French business climate composite indicator

  • Source: INSEE

In services, the business climate has improved a little compared with April, the business managers of the sector being more upbeat concerning their past activity and more optimistic regarding their activity prospects.

In building construction, the business climate indicator has held steady, just above its long-term average.

In manufacturing industry, the business climate has deteriorated a bit, weighed down by the balances of opinion related to the past and expected change in production.

In retail trade (including trade and repair of vehicles), the business climate has worsened more markedly, following the decline in the balances of opinion regarding the ordering intentions, the expected change in the workforce size and the past sales.

Finally, in wholesale trade, the bimonthly business climate indicator has deteriorated a little compared to March, notably because of the decrease in the balances of opinion on the past export sales and the deliveries received from abroad.

Business and employment climates

Business and employment climates
Jan. 24 Feb. 24 Mar. 24 Apr. 24 May 24
Business climates
France 99 98 100 99 99
Manufacturing industry 98 101 103 100 99
Building construction 103 103 103 101 101
Services 101 100 103 100 101
Retail trade* 104 100 100 102 99
Wholesale trade 91 95 94
Employment 99 102 101 102 102
  • * including trade and repair of vehicles
  • Source : INSEE, business tendency surveys

The employment climate remains above its long-term average

In May 2024, the employment climate indicator is stable. At 102, it remains above its long-term average (100). The stability hides mixed movements: if the balances of opinion on the past and expected change in the workforce size have deteriorated in manufacturing industry and building construction, the one on its expected change has improved in services (excluding temporary work agencies).

French employment climate composite indicator

French employment climate composite indicator
French employment climate composite indicator
2024-05 102.3
2024-04 102.0
2024-03 101.4
2024-02 102.1
2024-01 98.6
2023-12 100.2
2023-11 99.8
2023-10 102.7
2023-09 105.2
2023-08 101.7
2023-07 105.7
2023-06 106.1
2023-05 107.0
2023-04 110.1
2023-03 110.3
2023-02 110.6
2023-01 111.1
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
2022-05 110.7
2022-04 111.5
2022-03 113.3
2022-02 113.9
2022-01 110.0
2021-12 108.7
2021-11 112.6
2021-10 110.7
2021-09 107.2
2021-08 108.5
2021-07 108.2
2021-06 106.4
2021-05 101.4
2021-04 92.4
2021-03 92.2
2021-02 85.5
2021-01 86.7
2020-12 85.1
2020-11 83.1
2020-10 89.1
2020-09 93.3
2020-08 88.8
2020-07 78.5
2020-06 69.5
2020-05 53.4
2020-04 46.9
2020-03 97.9
2020-02 105.9
2020-01 105.2
2019-12 106.5
2019-11 107.2
2019-10 106.2
2019-09 107.6
2019-08 106.6
2019-07 106.8
2019-06 107.5
2019-05 105.8
2019-04 107.7
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
2018-05 109.7
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
2016-08 102.6
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 96.8
2015-03 95.0
2015-02 95.3
2015-01 93.3
2014-12 94.1
2014-11 93.9
2014-10 93.9
2014-09 94.1
2014-08 93.8
2014-07 95.1
2014-06 94.8
2014-05 96.4
2014-04 97.1
2014-03 95.2
2014-02 94.0
2014-01 94.6
2013-12 94.4
2013-11 93.1
2013-10 94.2
2013-09 91.8
2013-08 90.6
2013-07 90.0
2013-06 88.9
2013-05 85.8
2013-04 86.9
2013-03 88.4
2013-02 89.1
2013-01 92.0
2012-12 89.5
2012-11 89.8
2012-10 91.4
2012-09 91.2
2012-08 93.2
2012-07 92.6
2012-06 93.8
2012-05 95.0
2012-04 97.8
2012-03 98.7
2012-02 97.4
2012-01 97.9
2011-12 98.7
2011-11 100.5
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
2011-02 110.3
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 98.0
2010-06 97.8
2010-05 96.8
2010-04 95.0
2010-03 93.0
2010-02 90.5
2010-01 89.8
2009-12 88.4
2009-11 86.5
2009-10 84.3
2009-09 82.7
2009-08 83.7
2009-07 78.8
2009-06 75.0
2009-05 73.8
2009-04 74.4
2009-03 74.1
2009-02 78.8
2009-01 80.7
2008-12 83.5
2008-11 88.1
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
2008-02 113.9
2008-01 113.9
2007-12 114.2
2007-11 113.2
2007-10 111.8
2007-09 113.4
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
2006-12 111.2
2006-11 110.5
2006-10 109.1
2006-09 108.2
2006-08 109.3
2006-07 109.9
2006-06 110.5
2006-05 108.2
2006-04 107.5
2006-03 105.2
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
2005-07 102.9
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 indicator of the business climate in retail trade of April 2024 has been revised downwards by one point. This revision is 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 April and 21 May 2024.

Next issue: 21 June 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 April and 21 May 2024.

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

: bureau-de-presse@insee.fr
: