France: Business climate nears two-year low in October
In October, the National Institute of Statistics and Economic Studies’ (INSEE) business-climate indicator for the manufacturing sector fell to 104 points from 107 points a month earlier. The reading was the weakest in nearly two years, although the indicator remained above the 100-point long-run average—INSEE’s benchmark measure which distinguishes improvement of the business environment.
October’s print reflected weaker order books and a sharp deterioration in manufacturers’ views on earlier output. All major industrial sectors reported less upbeat assessments in the month.