Informations Rapides ·
24 May 2024 · n° 129
In 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.
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.
tableauFrench 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 |
graphiqueFrench 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.
tableauBusiness 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).
tableauFrench 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 |
graphiqueFrench 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.
Documentation
Changes to business tendency surveys – October 2021 (pdf,181 Ko)
Methodology note (in French) (pdf,245 Ko)
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.