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Informations Rapides · 21 March 2024 · n° 65
Informations rapidesIn March 2024, the business climate in manufacturing industry has increased again Monthly business survey (goods-producing industries) - March 2024

According to the business managers surveyed in March 2024, the business climate in manufacturing industry has increased again. At 102, the synthetic indicator has set up above its long-period average (100). All of the balances of opinion contributing to the climate have increased or are stable. In particular, the balance of opinion on the personal production expectations over the next three months has rebounded and the one on the level of the overall order-books has increased.

Informations rapides
No 65
Paru le :Paru le21/03/2024
Prochaine parution le : 24/05/2024 at 08:45 - May 2024
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According to the business managers surveyed in March 2024, the business climate in manufacturing industry has increased again. At 102, the synthetic indicator has set up above its long-period average (100). All of the balances of opinion contributing to the climate have increased or are stable. In particular, the balance of opinion on the personal production expectations over the next three months has rebounded and the one on the level of the overall order-books has increased.

Business climate in manufacturing - Composite indicator

Business climate in manufacturing - Composite indicator
Business climate in manufacturing - Composite indicator
2024-03 102.3
2024-02 100.6
2024-01 98.5
2023-12 99.3
2023-11 98.6
2023-10 98.8
2023-09 99.1
2023-08 96.8
2023-07 100.7
2023-06 100.1
2023-05 98.9
2023-04 100.9
2023-03 103.6
2023-02 103.3
2023-01 102.2
2022-12 101.4
2022-11 101.6
2022-10 103.7
2022-09 102.7
2022-08 103.3
2022-07 105.3
2022-06 107.3
2022-05 106.6
2022-04 107.9
2022-03 107.5
2022-02 111.2
2022-01 112.3
2021-12 109.2
2021-11 110.1
2021-10 108.0
2021-09 107.7
2021-08 109.5
2021-07 109.2
2021-06 107.3
2021-05 107.4
2021-04 103.8
2021-03 98.5
2021-02 97.0
2021-01 95.8
2020-12 94.9
2020-11 92.4
2020-10 95.0
2020-09 95.1
2020-08 91.3
2020-07 81.2
2020-06 76.6
2020-05 69.6
2020-04 66.3
2020-03 97.4
2020-02 100.1
2020-01 101.9
2019-12 99.1
2019-11 102.5
2019-10 100.2
2019-09 102.4
2019-08 101.9
2019-07 101.0
2019-06 101.8
2019-05 103.4
2019-04 101.1
2019-03 103.4
2019-02 102.8
2019-01 103.0
2018-12 103.6
2018-11 105.6
2018-10 104.8
2018-09 107.9
2018-08 108.6
2018-07 108.5
2018-06 109.4
2018-05 109.6
2018-04 110.3
2018-03 110.5
2018-02 112.3
2018-01 113.7
2017-12 112.1
2017-11 112.0
2017-10 111.8
2017-09 111.5
2017-08 110.0
2017-07 108.5
2017-06 108.9
2017-05 108.3
2017-04 108.3
2017-03 105.3
2017-02 106.4
2017-01 105.8
2016-12 105.8
2016-11 102.1
2016-10 102.1
2016-09 103.5
2016-08 101.5
2016-07 101.5
2016-06 101.4
2016-05 104.3
2016-04 104.7
2016-03 102.5
2016-02 102.9
2016-01 102.7
2015-12 102.5
2015-11 102.3
2015-10 103.1
2015-09 104.8
2015-08 103.5
2015-07 101.5
2015-06 100.2
2015-05 101.7
2015-04 101.4
2015-03 98.8
2015-02 98.3
2015-01 98.7
2014-12 98.6
2014-11 98.7
2014-10 97.3
2014-09 96.8
2014-08 96.5
2014-07 96.1
2014-06 96.5
2014-05 98.2
2014-04 100.2
2014-03 100.7
2014-02 98.2
2014-01 99.5
2013-12 99.2
2013-11 98.1
2013-10 97.8
2013-09 95.7
2013-08 98.4
2013-07 94.5
2013-06 92.5
2013-05 91.8
2013-04 87.3
2013-03 90.3
2013-02 90.2
2013-01 89.6
2012-12 90.6
2012-11 91.4
2012-10 86.7
2012-09 92.4
2012-08 92.6
2012-07 90.8
2012-06 92.9
2012-05 94.6
2012-04 95.4
2012-03 96.3
2012-02 94.7
2012-01 94.8
2011-12 94.5
2011-11 97.4
2011-10 97.2
2011-09 99.1
2011-08 101.2
2011-07 104.8
2011-06 109.9
2011-05 107.3
2011-04 110.2
2011-03 110.3
2011-02 107.0
2011-01 108.8
2010-12 104.2
2010-11 101.8
2010-10 104.1
2010-09 102.9
2010-08 100.4
2010-07 97.2
2010-06 95.7
2010-05 96.5
2010-04 95.0
2010-03 91.0
2010-02 88.5
2010-01 90.1
2009-12 87.3
2009-11 87.4
2009-10 84.9
2009-09 83.7
2009-08 80.6
2009-07 76.0
2009-06 74.4
2009-05 71.8
2009-04 69.9
2009-03 65.9
2009-02 67.8
2009-01 72.0
2008-12 72.8
2008-11 79.3
2008-10 86.7
2008-09 91.4
2008-08 97.9
2008-07 98.6
2008-06 103.3
2008-05 104.1
2008-04 107.4
2008-03 110.0
2008-02 110.3
2008-01 110.6
2007-12 112.6
2007-11 112.3
2007-10 110.0
2007-09 110.6
2007-08 111.0
2007-07 111.5
2007-06 111.3
2007-05 110.1
2007-04 112.0
2007-03 111.4
2007-02 111.8
2007-01 108.3
2006-12 109.2
2006-11 109.7
2006-10 107.2
2006-09 108.1
2006-08 108.5
2006-07 108.9
2006-06 108.6
2006-05 108.8
2006-04 107.9
2006-03 106.3
2006-02 106.5
2006-01 103.0
2005-12 104.1
2005-11 100.9
2005-10 101.0
2005-09 98.8
2005-08 99.5
2005-07 100.0
2005-06 98.9
2005-05 96.9
2005-04 96.4
2005-03 99.6
2005-02 103.1
2005-01 103.3

Business climate in manufacturing - Composite indicator

  • Source: INSEE

Industrialists’ opinion on manufacturing industry

Balance of opinion, in %, SA
Industrialists’ opinion on manufacturing industry (Balance of opinion, in %, SA)
Manufacturing industry Ave.* Dec-23 Jan-24 Feb-24 Mar-24
Business climate 100 99 98 101 102
Past production 5 -1 -8 0 1
Finished-goods inventory 12 14 12 7 7
Overall order books -18 -19 -19 -17 -14
Foreign order books -14 -7 -8 -6 -6
Past workforce size -8 5 3 3 3
Expected workforce size -9 6 6 4 4
Personal production expectations 6 4 7 4 10
General production expectations -7 -10 -7 -8 -7
Expected trend in selling prices 4 -3 4 0 -1
Economic uncertainty felt** 30 27 32 24 29
  • * Long-term average since 1976 except for the economic uncertainty felt (April 2021).
  • ** Non-seasonally adjusted balance of opinion
  • Source: INSEE - Monthly business tendency survey in industry

The balance of opinion on the personal production expectations has clearly rebounded

In March 2024, the balance of opinion on the personal production expectations over the next three months has clearly rebounded and has set up above its average. The one relative to the general prospects of production in the industry has also rebounded, but very slightly, and has gone back to its long-period average. At the same time, the balance of opinion on the evolution of the production over the last three months has slightly increased and has moved closer to its average. The economic uncertainty felt by the business leaders has gone up: the corresponding balance has set up just below its average.

The balance of opinion associated with the level of the overall order-books has increased again and has moved away from its average. The one relative to the foreign order-books is stable, above its average too.

The balance of opinion associated with the current level of finished-goods inventories is stable, below its average.

Concerning the workforce size, the balances of opinion on the past and the expected change are stable, at levels well above their average.

The balance of opinion related to the expected trend in selling prices over the next three months has slightly diminished and has moved away from its average.

The share of companies declaring being limited in their production by workforce shortage has slightly increased and remains well above its average. The share of companies declaring sourcing difficulties as a factor limiting their production has slightly decreased and has moved closer to its one. In total, the share of companies declaring supply-side obstacles only is stable: at 27%, it remains nevertheless above its long-term average. Finally, the share of companies declaring difficulties of demand only has increased a bit: at 25%, it is nonetheless well below its long-period average.

Share of companies declaring obstacles limiting their production*

Share of companies, in % of answers, SA
Share of companies declaring obstacles limiting their production* (Share of companies, in % of answers, SA)
Manufacturing industry Ave.** Dec-23 Jan-24 Feb-24 Mar-24
Difficulties of supply and demand 9 9 11 9 9
Sourcing difficulties 11 18 17 17 16
Workforce shortage 9 22 14 19 20
Difficulties of supply only 22 30 28 27 27
Difficulties of demand only 40 23 24 24 25
  • * Quaterly series from January 1991 then monthly series from May 2022
  • ** Long-term average since 1991 on monthly series (over the quarterly collection period, the point collected in the first month of each quarter was carried over identically to the following two months).
  • Sources : INSEE – Monthly business survey in industry

The business climate has particularly increased in the manufacture of food products and beverages and in the manufacture of machinery and equipment goods

In March 2024, the business climate indicator in the manufacture of food products and beverages has increased: it has been rising since November 2023. Although it remains well below its long-period average, it has reached its higher level since July 2023. The balances of opinion on the evolution of the production, both past and expected, have increased and have moved closer to their average.

In the manufacture of machinery and equipment goods, the synthetic indicator of the business climate has risen and has gone back above its long-term average, driven by the manufacture of electrical equipment where the indicator has highly rebounded. In this sub-sector, the balances of opinion on the past production, the personal production expectations and the ones on the order-books have risen sharply.

In the manufacture of transport equipment, the synthetic indicator of the business climate has rebounded and has reached its higher level for more than 20 years (namely since June 2001). It has gained a point in both the sub-sector of “motor vehicles, trailers and semi-trailers”, where it has gone back to its average, and the sub-sector of “other transport equipment”, where it remains close to its higher level since the beginning of this data (1990). In both sub-sectors, the balance of opinion on the level of the overall order-books has increased.

Finally, the business climate in the “other manufacturing” is stable, below its long-period average. It has withdrawn in the sub-sectors of “textiles, clothing industries, leather and footwear industry” and “basic metals and fabricated metal products” and it has increased in the other sub-sectors.

Business climates in a sector-based approach

Business climates in a sector-based approach
(C1) (C3) (C4) (C5)
2024-03 90.3 102.7 112.8 95.5
2024-02 88.0 98.7 110.4 96.1
2024-01 86.5 99.2 111.9 93.9
2023-12 86.0 98.4 111.3 95.2
2023-11 85.3 103.4 110.6 93.9
2023-10 84.3 100.6 112.3 94.4
2023-09 87.7 104.2 104.1 95.6
2023-08 87.5 101.3 103.2 95.2
2023-07 91.6 106.2 112.0 94.5
2023-06 85.9 105.4 105.2 94.7
2023-05 92.7 105.9 103.3 95.1
2023-04 94.1 109.6 103.0 97.8
2023-03 99.2 112.1 103.9 98.9
2023-02 102.5 110.0 103.9 96.2
2023-01 100.2 111.3 103.0 96.3
2022-12 99.5 111.8 102.1 95.9
2022-11 104.0 110.6 103.8 95.5
2022-10 107.8 113.4 105.6 96.5
2022-09 106.6 111.1 100.5 98.4
2022-08 107.0 111.9 100.5 99.7
2022-07 106.9 112.4 105.5 101.6
2022-06 106.4 111.9 102.0 105.6
2022-05 107.2 111.4 101.1 104.9
2022-04 109.2 113.1 101.2 108.8
2022-03 111.2 112.3 99.9 107.9
2022-02 111.2 114.8 103.8 111.3
2022-01 111.7 115.9 104.6 110.4
2021-12 116.3 116.2 91.3 112.1
2021-11 115.2 116.1 97.5 113.5
2021-10 112.6 115.4 91.4 111.3
2021-09 109.2 115.6 90.1 112.9
2021-08 111.0 118.7 93.0 113.1
2021-07 113.9 114.9 92.2 114.6
2021-06 116.0 115.2 90.0 110.7
2021-05 116.4 111.6 89.7 110.4
2021-04 105.7 112.7 88.6 107.4
2021-03 101.3 106.4 83.6 104.1
2021-02 94.7 105.2 89.0 101.2
2021-01 91.4 103.4 87.1 100.3
2020-12 89.3 95.3 88.9 101.7
2020-11 92.7 91.2 90.9 94.8
2020-10 93.7 93.2 92.2 95.5
2020-09 102.2 90.3 93.2 92.7
2020-08 96.7 89.5 90.9 88.0
2020-07 88.2 85.0 80.0 81.3
2020-06 90.9 79.2 76.1 78.7
2020-05 91.7 76.6 74.5 73.9
2020-04 93.1 76.8 72.2 72.6
2020-03 108.4 98.3 95.1 97.1
2020-02 107.8 99.0 99.2 100.0
2020-01 107.9 99.9 105.2 99.1
2019-12 107.5 97.2 100.8 97.7
2019-11 104.4 98.1 107.4 100.9
2019-10 105.2 96.0 101.8 99.5
2019-09 108.2 99.6 102.6 101.6
2019-08 108.8 98.6 101.3 101.8
2019-07 102.9 102.8 99.8 100.3
2019-06 108.5 98.8 100.4 100.8
2019-05 111.1 103.9 102.0 102.2
2019-04 107.0 100.8 100.4 100.7
2019-03 108.0 100.4 102.3 101.3
2019-02 108.0 104.4 99.8 101.1
2019-01 107.7 102.5 102.0 101.9
2018-12 107.9 102.5 103.3 102.2
2018-11 108.8 102.0 105.3 102.8
2018-10 102.1 106.2 104.7 103.3
2018-09 107.7 107.5 105.9 105.1
2018-08 107.8 106.8 106.6 105.8
2018-07 107.3 107.9 106.8 106.5
2018-06 109.5 107.5 109.8 105.7
2018-05 108.1 110.7 108.1 107.7
2018-04 109.9 109.0 111.5 107.5
2018-03 109.2 109.3 111.2 109.2
2018-02 109.7 110.1 111.8 110.0
2018-01 111.0 111.3 112.0 111.0
2017-12 111.4 111.0 111.2 110.5
2017-11 111.9 109.7 110.4 111.3
2017-10 111.5 108.9 109.5 111.0
2017-09 107.0 107.5 110.1 108.9
2017-08 108.6 105.7 108.9 108.2
2017-07 109.3 108.6 109.2 106.9
2017-06 111.6 108.2 105.0 108.5
2017-05 105.6 108.2 105.2 106.8
2017-04 104.9 106.3 104.3 107.6
2017-03 104.0 104.0 104.8 104.4
2017-02 105.0 103.3 105.9 106.2
2017-01 103.6 101.5 106.4 105.5
2016-12 108.5 103.1 104.8 104.8
2016-11 107.8 99.4 102.2 101.4
2016-10 106.6 97.3 106.0 101.1
2016-09 109.0 98.4 105.5 100.4
2016-08 99.4 98.2 104.2 101.3
2016-07 104.5 97.5 105.5 101.6
2016-06 103.1 97.1 106.1 101.4
2016-05 103.3 97.2 106.1 103.7
2016-04 105.9 99.9 109.3 101.1
2016-03 101.5 99.1 106.1 101.1
2016-02 100.2 100.7 109.3 99.8
2016-01 101.6 100.6 108.2 99.4
2015-12 99.9 98.0 108.0 101.6
2015-11 102.4 99.6 108.0 99.4
2015-10 104.3 98.1 108.1 99.7
2015-09 105.5 96.0 109.4 102.5
2015-08 103.2 97.2 108.4 101.4
2015-07 108.4 98.3 105.0 102.7
2015-06 105.0 97.1 105.4 100.8
2015-05 101.8 97.2 105.0 101.4
2015-04 104.6 96.6 107.2 100.5
2015-03 100.8 94.2 105.3 100.0
2015-02 99.4 94.9 100.8 100.1
2015-01 103.1 93.3 101.6 99.6
2014-12 99.2 92.0 99.6 100.1
2014-11 96.1 92.0 100.1 99.6
2014-10 95.6 92.5 97.3 98.4
2014-09 94.3 92.1 101.0 97.1
2014-08 95.6 93.3 97.9 100.4
2014-07 97.1 89.1 99.0 98.9
2014-06 95.6 91.7 98.1 98.4
2014-05 98.1 93.6 98.1 99.3
2014-04 95.9 92.7 102.8 100.1
2014-03 99.7 92.8 100.7 102.3
2014-02 99.1 93.7 98.2 98.2
2014-01 99.3 91.1 102.2 98.6
2013-12 98.2 91.8 99.7 99.0
2013-11 98.1 92.2 102.2 98.6
2013-10 95.5 90.2 103.6 97.6
2013-09 94.9 89.9 97.4 97.0
2013-08 95.4 91.5 101.4 97.0
2013-07 92.4 89.5 98.6 94.8
2013-06 92.6 89.1 94.7 93.1
2013-05 91.5 89.3 94.9 91.6
2013-04 91.6 89.5 92.7 89.0
2013-03 93.9 88.8 93.5 91.1
2013-02 97.9 88.8 94.3 90.1
2013-01 97.5 87.9 92.8 91.1
2012-12 98.6 87.5 92.3 91.7
2012-11 98.0 87.2 92.8 92.1
2012-10 90.9 86.1 95.8 89.2
2012-09 96.6 91.0 97.4 93.5
2012-08 93.7 90.2 95.2 93.3
2012-07 94.5 90.8 95.4 92.1
2012-06 94.9 90.9 95.6 93.5
2012-05 93.3 94.8 95.0 95.7
2012-04 99.0 95.7 94.3 97.6
2012-03 102.4 96.4 103.1 97.0
2012-02 100.4 96.0 93.8 95.8
2012-01 99.7 96.1 94.8 93.9
2011-12 98.4 96.0 100.1 94.4
2011-11 102.0 95.9 102.6 94.0
2011-10 104.3 98.2 100.2 96.2
2011-09 101.8 99.4 98.7 98.0
2011-08 103.4 100.3 101.9 100.3
2011-07 111.4 102.3 103.7 104.8
2011-06 108.4 104.1 109.4 108.8
2011-05 109.7 103.1 105.2 107.6
2011-04 108.9 104.5 106.0 109.9
2011-03 106.6 106.3 106.3 109.7
2011-02 107.2 101.8 99.3 108.4
2011-01 108.9 103.8 105.2 105.2

Business climates in a sector-based approach

  • Legend: (C1): Manufacture of food products and beverages - (C3): Machinery and equipment goods - (C4): Manufacture of transport equipment - (C5): Other manufacturing
  • Source: INSEE

Business climates in a sector-based approach

Average = 100 and standard deviation = 10 since 1990
Business climates in a sector-based approach (Average = 100 and standard deviation = 10 since 1990)
NA* : (A17) and [A38 and A64] Weights** (%) Jan-24 Feb-24 Mar-24
(C1) Man. of food products and beverages 20 87 88 90
(C3) Machinery and equipment goods 11 99 99 103
[CI] Computer, electronic and optical products 4 107 105 104
[CJ] Electrical equipment 3 100 97 109
[CK] Machinery and equipment 5 95 96 97
(C4) Man. of transport equipment 19 112 110 113
[CL1] Motor vehicles, trailers and semi-trailers 9 98 99 100
[CL2] Other transport equipment 10 117 116 117
(C5) Other manufacturing 45 94 96 96
[CB] Textiles, clothing industries, leather and footwear industry 2 102 104 102
[CC] Wood, paper, printing 4 93 92 96
[CE] Chemicals and chemical products 8 89 93 94
[CG] Rubber and plastic products 7 88 86 89
[CH] Basic metals and fabricated metal products 11 92 97 92
[CM] Other manufacturing industries / Manufacture of other industrial products 10 104 104 106
  • * NA: aggregated classification, based on the French classification of activities NAF rév.2.
  • ** Weights used to aggregate sub-sectors’ balances of opinion.
  • Source: INSEE - Monthly business tendency survey in industry

Revisions

The business climate in manufacturing industry of February 2024 has been revised upwards by one point (after rounding). This revision is mainly due to the inclusion of late responses from businesses.

For further information

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Answers to this survey have been gathered between 26 February 2024 and 18 March 2024.

Next issue: 25 April 2024 at 8:45 am.

Documentation

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

Abbreviated methodology (pdf,157 Ko)

Monthly outlook survey in industry

Aggregated classification - NA, 2008

Pour en savoir plus

For questions with three possible answers, a balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

The composite indicators of business climate presented here are estimated independently of one another. Thus, that of the whole of manufacturing industry cannot be deduced from the sub-sectoral climates. The same balances of opinion are included into their calculations, but they are not assigned the same weightings. Also, the indicators are scaled to have a long-run average of 100 and a standard deviation of 10.

This survey is part of the Joint Harmonised EU Programme of Business and Consumer Surveys, partly funded by the European Commission.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Answers to this survey have been gathered between 26 February 2024 and 18 March 2024.

Next issue: 25 April 2024 at 8:45 am.

: bureau-de-presse@insee.fr
:

Publication calendar

Time series : Industry - Activity and demand

Ouvrir dans un nouvel ongletThe Joint Harmonised EU Programme of Business and Consumer Surveys (BCS)