Business confidence continues to deteriorate

2023-08-24 12:35:19

Unlike the temperature, the morale of business leaders is showing more and more signs of cooling. Published on Thursday by INSEE, the business climate indicator which measures their confidence fell for the fifth consecutive month in August. At 99 points, it fell below its long-term average (100). This is the lowest since April 2021. Excluding periods of Covid confinement, we even have to go back to May 2015 to find it at this level, a sign of misdirected activity.

“This decline is explained in particular by the deterioration of the economic situation in the manufacturing industry and services”, specifies the national statistical institute. The deterioration is clear in industry, “mainly penalized by the balance of opinion on order books and past production”.

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