- Business confidence 94 vs 95 expected
- Prior 94; revised to 93
- Services confidence 93
- Prior 93
- Industrial confidence 100
- Prior 102
The reading points to just a mild recovery in the overall business climate in June. But as a whole, French business confidence remains in the doldrums ever since the US-Iran conflict began. For some context, the May estimate was the lowest since February 2021 so this isn’t much of a rebound to that.
Of note this month, there was a slight improvement in retail trade sentiment. After the big dip in May, there was a slight nudge up there from 89 to 90. Meanwhile, the services climate and industrial climate remain on the weaker side still.
The other standout is that the employment climate has worsened further in June. The indicator there drops to 89 (from 92 previously), marking its lowest reading since February 2021. That is a worrying sign heading into the summer as the fallout from the Middle East war continues to reverberate.
