24 October 2017
2017- n° 279In October 2017, the French business climate falters slightly and the employment
climate rises again Business climate indicator and turning point indicator - October 2017
In October 2017, the business climate has weakened slightly after a steady improvement for a year. The composite indicator, compiled from the answers of business managers in the main sectors, has lost one point (109) after eight months of rise. It has returned to its August 2017 level, well above its long-term mean. In October, it has increased by one point in retail trade, to an unprecedented level since January 2008, and in building construction. It is stable in manufacturing industry for the third month in a row. It has lost one point in services. The business climate of each sector stands clearly above its long-term mean.
The French business climate has weakened slightly in October 2017
In October 2017, the business climate has weakened slightly after a steady improvement for a year. The composite indicator, compiled from the answers of business managers in the main sectors, has lost one point (109) after eight months of rise. It has returned to its August 2017 level, well above its long-term mean. In October, it has increased by one point in retail trade, to an unprecedented level since January 2008, and in building construction. It is stable in manufacturing industry for the third month in a row. It has lost one point in services. The business climate of each sector stands clearly above its long-term mean.
The employment climate has risen again
In October 2017, the employment climate has risen for the second consecutive month, mainly because of the rise in the balance of opinion on expected employment in service sectors excluding temporary employment. The associated composite indicator has gained two points to 109, clearly above above its long-term mean.
Revisions
Compared to their first estimates, the business climate indicators have been raised by one point in the whole economy and in manufacturing industry in September 2017. Those revisions result from the integration of late answers from businesses.
The turning point indicator remains in the favourable area
The turning point indicator for the French economy as a whole remains in the area showing a favourable short-term economic outlook.
graphiqueGraph 1 – French business climate composite indicator
graphiqueGraph 2 – French employment climate composite indicator
graphiqueGraph 3 – Turning point indicator
- Close to +1 (resp. −1), the indicator shows a favourable business climate (resp. unfavourable). The uncertainty area is between –0.3 and +0.3.
tableauTable 1 – Business and employment climates
| June 17 | July 17 | Aug. 17 | Sept. 17 | Oct. 17 | |
|---|---|---|---|---|---|
| Business climates | |||||
| France | 107 | 108 | 109 | 110 | 109 |
| Manufacturing | 109 | 108 | 111 | 111 | 111 |
| Building | 104 | 105 | 104 | 104 | 105 |
| Services | 103 | 104 | 107 | 108 | 107 |
| Retail trade | 111 | 111 | 108 | 112 | 113 |
| Wholesale trade | - | 110 | - | 109 | - |
| Employment climate | |||||
| Employment | 109 | 107 | 105 | 107 | 109 |
- Source: INSEE, Business tendency surveys
tableauTable 2 – Turning point indicators
| June 17 | July 17 | Aug. 17 | Sept. 17 | Oct. 17 | |
|---|---|---|---|---|---|
| France | 0.8 | 0.6 | 0.8 | 0.9 | 0.8 |
| Manufacturing | 0.6 | 0.5 | 0.6 | 0.9 | 0.8 |
| Building | 1.0 | 1.0 | 0.6 | 0.5 | 0.7 |
| Services | 0.9 | 0.8 | 0.8 | 1.0 | 0.6 |
| Wholesale trade | - | 0.9 | - | 0.9 | - |
- Source: INSEE, Business tendency surveys
Documentation
Abbreviated Methodology (pdf,130 Ko)
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