According to the report from Insee, in October 2021, the business climate has improved again. The indicator that synthesizes it, calculated from the responses of business leaders from the main market sectors of activity, has gained 2 points. At 113, it has returned to the particularly high level already reached in June 2021. It therefore remains significantly above the level prevailing before the health crisis (106) and, even more so, above its long-term average (100). This further improvement of the business climate results mainly from the increase in the forward-looking balances of opinion in services.
In all main economic sectors, the business climate remains well above its long-term average.
In services, the business climate has improved sharply. This improvement is mainly driven by increases in balances of opinions regarding the general outlook of the sector, expected demand and expected activity.
In retail trade, the business climate has gone up slightly. This improvement is explained for the most part by the increases in the forward-looking balances of opinion, partly counterbalanced by the decrease in the balances regarding past sales and employment.
In manufacturing, the business climate has been stable. The balances of opinion on expected order books have improved, while the ones concerning production, past and expected, have weakened in a context of strong constraints on supply.
In construction, the business climate has dipped a little but remains at a high level, despite persistently strong pressures on production capacities.