Manufacturing sentiment was unchanged at 99 following an upward revision to October and so still just short of the 100 long-run average.


The economy-wide index dipped a point to 97.


The latest data take the French RPI to minus 20 and the RPI-P to minus 18, meaning the economy is underperforming expectations.

Sentiment is expected to hold steady at 98.

INSEE is France's National Institute of Statistics and Economic Studies. INSEE's business climate indicator aims to summarise the mood of French business leaders. The survey asks questions about output, orders and inventories and expectations for future business. These are synthesised into an overall index of sentiment, adjusted so that the long-run average is 100. The main focus is the manufacturing sector but the survey also provides separate confidence measures for construction, retail trade and services on a monthly basis and for wholesale trade every other month.

If you are looking for clues on French business sentiment, this survey would be a good starting point. The indicator is based on a survey that asks business leaders about their expectations for new orders and their overall impressions of the economy. The results are a diffusion index that reflects the difference between positive and negative responses as a percentage of the total number of answers.