According to the report from INSEE, in July 2020, the business climate has continued its recovery started in May. The indicator that synthesizes it, calculated from the responses of business managers from the main market sectors, has gained 7 points. At 85, the business climate is however still significantly below its long-term average (100), and a fortiori below its relatively high pre-lockdown level (105).

This clear rise in the overall synthetic indicator is explained both by the pursuit of the improvement in the balances of opinion on business outlook in most of the sectors and by the beginning of the recovery in the balances of opinion on the activity of the last three months.

In July 2020, the employment climate has continued to recover sharply from the April low. At 77, it has gained 10 points compared to June, but it still remains far below its pre-lockdown level.

The sectoral business climate for June 2020 in industry and in services, as well as the employment climate, have been revised upwards by one point. Those revisions are mainly explained by the inclusion of late responses from companies.