Informations Rapides · 21 December 2023 · n° 329
In December 2023, the business climate in France has improved a little and the employment climate is stable Business indicator - December 2023

In December 2023, the business climate in France is slightly more favourable than in November. The indicator that synthesizes it, calculated from the responses of the business managers from the main market sectors, has gained one point compared to November. At 98, it remains though below its long-term average (100). This slight rebound results mainly from the improvement of the business situation in retail trade.

Informations rapides

N^o 329

Paru le :Paru le21/12/2023

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

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In December 2023, the business climate has rebounded a bit
The employment climate is stable, at its long-term level
Revisions
For further information

In December 2023, the business climate has rebounded a bit

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tableauFrench business climate composite indicator

French business climate composite indicator
	French business climate composite indicator
2023-12	97.7
2023-11	97.1
2023-10	98.2
2023-09	100.3
2023-08	100.0
2023-07	100.0
2023-06	100.4
2023-05	99.7
2023-04	102.2
2023-03	103.1
2023-02	102.9
2023-01	102.1
2022-12	102.2
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	106.3
2022-03	107.4
2022-02	113.1
2022-01	108.2
2021-12	109.5
2021-11	113.9
2021-10	113.0
2021-09	111.7
2021-08	110.6
2021-07	112.8
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	78.1
2020-10	89.9
2020-09	93.9
2020-08	94.2
2020-07	90.8
2020-06	84.8
2020-05	59.8
2020-04	47.5
2020-03	94.2
2020-02	105.7
2020-01	106.1
2019-12	106.0
2019-11	106.2
2019-10	106.1
2019-09	106.7
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	106.4
2018-10	106.0
2018-09	107.3
2018-08	107.8
2018-07	108.2
2018-06	108.9
2018-05	109.2
2018-04	110.8
2018-03	111.6
2018-02	111.6
2018-01	112.6
2017-12	113.1
2017-11	111.6
2017-10	110.5
2017-09	110.7
2017-08	110.5
2017-07	109.5
2017-06	108.6
2017-05	107.5
2017-04	107.0
2017-03	106.5
2017-02	106.8
2017-01	106.1
2016-12	105.9
2016-11	103.6
2016-10	103.7
2016-09	103.4
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	100.6
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	93.1
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	94.3
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	107.6
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	85.7
2009-08	82.9
2009-07	79.7
2009-06	77.7
2009-05	74.3
2009-04	71.4
2009-03	69.6
2009-02	73.6
2009-01	75.2
2008-12	76.9
2008-11	79.7
2008-10	83.5
2008-09	92.6
2008-08	95.0
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	109.8
2007-11	110.1
2007-10	109.6
2007-09	110.9
2007-08	111.6
2007-07	112.5
2007-06	113.3
2007-05	112.3
2007-04	112.2
2007-03	111.6
2007-02	111.2
2007-01	109.5
2006-12	109.4
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	104.5
2006-03	104.1
2006-02	103.7
2006-01	105.9
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 improved markedly, held up by the balances of opinion on the expected workforce change, the general business outlook and the ordering intentions.

In manufacturing industry, the business climate has got a little better, following the improvement in the balance of opinion on the production over the last three months.

In services, the business climate has also somewhat improved, thanks to, in particular, the greater optimism of the business managers regarding their personal activity prospects, as well as those for the sector.

Finally, in building construction, the business climate is stable (after rounding) in December, a little above its average. However, before rounding, the composite indicator has somewhat deteriorated in this sector.

tableauBusiness and employment climates

Business and employment climates
	Aug. 23	Sept. 23	Oct. 23	Nov. 23	Dec. 23
Business climates
France	100	100	98	97	98
Manufacturing industry	97	99	99	99	100
Building construction	106	105	103	102	102
Services	102	101	100	99	100
Retail trade*	105	103	98	96	100
Wholesale trade		94		90

Employment	102	105	103	100	100

* including trade and repair of vehicles
Source : INSEE, business tendency surveys

The employment climate is stable, at its long-term level

In December 2023, the employment climate is stable. At 100, it remains at its long-term average (100). This stability is the result of mixed movements, the increase in the balances of opinion on the past and the expected change in the workforce size in retail trade being counterbalanced by the decline in the one concerning their past change in services (excluding temporary work agencies).

Graphique
Tableau

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tableauFrench employment climate composite indicator

French employment climate composite indicator
	French employment climate composite indicator
2023-12	100.1
2023-11	100.0
2023-10	102.8
2023-09	105.3
2023-08	101.7
2023-07	105.7
2023-06	106.2
2023-05	106.8
2023-04	110.1
2023-03	110.2
2023-02	110.4
2023-01	110.8
2022-12	110.2
2022-11	108.2
2022-10	109.3
2022-09	109.7
2022-08	107.9
2022-07	110.1
2022-06	108.2
2022-05	110.6
2022-04	111.5
2022-03	113.2
2022-02	113.7
2022-01	109.8
2021-12	108.8
2021-11	112.7
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	92.5
2021-03	92.2
2021-02	85.6
2021-01	86.7
2020-12	85.2
2020-11	83.3
2020-10	89.2
2020-09	93.4
2020-08	88.9
2020-07	78.6
2020-06	69.7
2020-05	53.8
2020-04	47.3
2020-03	97.9
2020-02	105.9
2020-01	105.1
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	105.7
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	109.7
2018-05	109.6
2018-04	109.1
2018-03	109.9
2018-02	109.5
2018-01	108.9
2017-12	108.3
2017-11	107.2
2017-10	108.0
2017-09	106.7
2017-08	105.1
2017-07	107.3
2017-06	107.5
2017-05	107.2
2017-04	106.4
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	94.0
2014-09	94.1
2014-08	93.9
2014-07	95.2
2014-06	94.9
2014-05	96.5
2014-04	97.2
2014-03	95.2
2014-02	94.1
2014-01	94.7
2013-12	94.5
2013-11	93.1
2013-10	94.3
2013-09	91.8
2013-08	90.7
2013-07	90.1
2013-06	89.0
2013-05	86.0
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	105.4
2011-07	109.7
2011-06	111.3
2011-05	111.2
2011-04	109.3
2011-03	109.2
2011-02	110.2
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	98.1
2010-06	97.9
2010-05	96.8
2010-04	95.1
2010-03	93.1
2010-02	90.6
2010-01	89.9
2009-12	88.4
2009-11	86.6
2009-10	84.4
2009-09	82.8
2009-08	83.8
2009-07	78.9
2009-06	75.1
2009-05	74.0
2009-04	74.6
2009-03	74.3
2009-02	79.0
2009-01	80.9
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	108.2
2008-04	112.5
2008-03	112.4
2008-02	113.8
2008-01	113.8
2007-12	114.1
2007-11	113.1
2007-10	111.7
2007-09	113.3
2007-08	112.7
2007-07	111.1
2007-06	112.9
2007-05	113.7
2007-04	111.6
2007-03	111.0
2007-02	111.4
2007-01	109.2
2006-12	111.1
2006-11	110.4
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	104.7
2005-02	102.3
2005-01	102.3

graphiqueFrench employment climate composite indicator

Revisions

The composite indicator of the employment climate and the business climate in services of November 2023 have both 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 24 November and 18 December 2023.

Next issue: 25 January 2024 at 08:45 am.