The business climate in France remained ‘stable’ in May compared to the previous month, according to the country’s Institute of Statistics and Economic Studies (INSEE).
INSEE’s composite indicator, which is derived from the responses of business managers across key market sectors, stood at 99, just below its long-term average of 100.
This stability was marked by improvements in the French services sector, which offset declines in retail trade, manufacturing, and wholesale trade, it noted.
In the services sector, managers reported a more positive outlook on past activities and future prospects, contributing to a slight improvement in the business climate indicator.
Conversely, the retail trade sector, including vehicle trade and repair, saw a marked decline due to lower expectations for orders, workforce size, and past sales. Wholesale trade also saw a minor decline.
The manufacturing industry experienced a slight downturn, driven by negative opinions on both past and expected production changes.
In building construction, the business climate indicator remained steady, just above its long-term average. This sector did not experience any significant changes, reflecting a stable outlook among business managers.
The employment climate indicator in May 2024 remained at 102, above its long-term average of 100, INSEE said.
Despite this overall stability, there were mixed trends across sectors. In manufacturing and building construction, for example, opinions on past and expected workforce changes deteriorated. However, in the service sector (excluding temporary work agencies), expectations for workforce changes improved, contributing to the overall stability of the employment climate.
INSEE added that the April 2024 business climate indicator for retail trade was retrospectively revised downwards by one point, due to the inclusion of late responses from companies. Other business climate indicators remained unchanged after rounding.
INSEE’s next composite indicator will be published on 21 June.
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