The data published by INSEE showed that in November the business climate indicator fell by 1 point compared to October, reaching 96 points, while economists expected the index to remain unchanged. Thus, the index still remains below its long-term average (100). While the business climate has rebounded in the manufacturing industry, it has deteriorated in every other sector.
INSEE said that the manufacturing climate indicator rose by 4 points to 97 points. Consensus estimates suggested growth to 95 points. It remains below its long-term average (100) for the seventh month in a row. All of the balances of opinion defining the climate have contributed to its rebound, except the general production prospects in the industry. The indicator of the business climate in the service sector fell by 2 points to 99 points. In the building construction sector, the business climate indicator decreased by 1 point to 99 points. In retail trade (including trade and repair of vehicles), the business climate fell by 1 point to 98 points.
The data also showed that the employment climate index rose to 99 points from 97 points in October. This improvement is mainly due to the increase in the balances of opinion regarding the past workforce size in services (including temporary work agencies) and, to a lesser extent, in manufacturing industry.