According to the business managers surveyed between 27 November and 14 December, the business climate in France has bounced back strongly: at 91, the synthetic indicator has gained 12 points and has returned to its level before the second lockdown (between 90 and 92), while remaining well below its long-term average (100).

Business leaders are significantly less pessimistic than in November about the expected activity for the next three months, whether it is for their sector as a whole or for their own business. This movement can be seen in all sectors surveyed in December (manufacturing industry, services, building construction and retail trade). At the same time, the balances of opinion relating to recent activity have fallen in manufacturing industry, services and especially in retail trade, in connection with the lockdown introduced at the end of October.

At the same time, the employment climate has bounced back slightly. At 86, it has gained two points from November, but still stands well below its pre-crisis level (above 105). This small rebound is mainly due to the rise in the balance of opinion on the expected workforce size in the tertiary sector – in particular retail trade and services exclusive of temporary work agencies – and, to a lesser extent, in manufacturing. However, the drop in the balance on recent workforce size in services exclusive of temporary work agencies has limited this rebound.