A composite indicator of French business confidence stood at 107 in November, unchanged from October after a downward revision in October's level from 108, according to a monthly survey of industrialists carried out by the statistics office Insee. The indicator reflects the level of positive business leader opinion on the overall output outlook, their own output outlook, past production, inventories and order books.
Analysts had expected the indicator to be unchanged, although at the slightly higher level of 108. General output expectations fell to +14 in November from +20 in October, a sharper drop than the expected easing to +18 from the original October figure of +19. The indicator represents the balance in percentage points between those expecting an overall rise in output and those predicting a decline.
"According to business leaders surveyed in November 2006, the industrial outlook remains favourable," Insee said.
The indicator on industrialists' expectations on their own output stood at +17 in November, down from +18 in October. The indicator on past production jumped to +15 in November from +8 in October.
General price expectations declined to +23 in November from +27 in October, while industrialists' own price expectations rose to +9 from +5.
The indicator on inventory levels for November was +12, unchanged from October. Overall order levels slipped to -7 in November from -5 in October, while the indicator on foreign order levels dropped to -1 from +2.The data relates to all branches of industry except the food sector.