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French business climate declines sharply in August

The French business climate in August declined sharply, with the deterioration mainly focused in non-specialized retail trade, the country's National Institute of Statistics and Economic Studies reported.

The composite indicator fell to 101 from July's 105, just above the long-term average of 100. In retail, the composite indicator lost 12 points to 87, its lowest level since November 2014.

The balance of opinion on ordering intentions plummeted to negative 12 from negative 5, its lowest since January 2015. However, confidence about the general business outlook in the sector picked up since last month, from negative 16 to negative 11, and remains above the long-term average.

The opinion on employment fell steeply, reaching its lowest level since December 2009, as an increasing number of managers reported having laid off employees during the past three months.

In contrast, the business climate indicator of trade and repair of motor vehicles and motor cycles recovered and reached 111, its highest point since December 2018.