According to the report from Insee, in January 2020, the business climate is virtually stable. At 104, the composite indicator, compiled from the answers of business managers in the main market sectors, has dropped by one point but is still above its long-term mean (100).

Compared to the previous month, the business climate has lost four points in retail trade and, compared to November, two points in wholesale trade. Compared to December, it is stable in services and in building construction and it has gained two points in manufacturing. In all sectors, the business climate has reached its long-term average or stands above it.

In January 2020, the employment climate has deteriorated. The indicator that summarises it has lost two points and has returned to its August 2019 level. However, at 105, it remains clearly above its long-term average. This drop is mainly due to a deterioration in expected employment in services except temporary work agency activities.