French industry sentiment was stable in November

According to the report from Bank of France, in November, in the context of the lockdown, activity levels hardly changed compared to October. The chemical industry improved, while the automobile sector declined. Cash positions picked up slightly and returned to their long term average. Order books continued to rise, although they remained below normal levels. Business leaders expect activity to remain stable in December.

In market services, as expected last month at the start of the lockdown, activity dropped significantly, but to a lesser extent than in March-April. Accommodation and catering services, car repairs, leisure and personal services, as well as advertising and market research, were particularly affected. Cash position deteriorated slightly, below pre-crisis levels. Business leaders expect little change in activity in December, although the situation may vary across sectors.

In construction, activity levels were stable. Order books rose slightly, but remained below their long-term average. Business leaders expect activity to remain virtually unchanged in December.